CapMan (CAPMAN) Q1 2026 earnings summary

Executive summary

• Fee profit growth accelerated nearly 50% year-over-year, with assets under management stable at €7.2 billion as of Q1 2026, matching year-end 2025 levels.

• Achieved record high fee income, profit, and AUM for 2025, driven by strategic acquisitions, business scaling, and strong fundraising.

• Revenue increased 25% year-over-year to €16.3 million in Q1 2026, with full-year 2025 revenue at €63.0 million, up 9% year-over-year.

• Notable exits, including Valokuitunen and PDSVISION, contributed to value creation and positive cash flow.

• Expansion into European infrastructure debt and opening of a Paris office with CAERUS to strengthen Western European presence.

Financial highlights

• EBIT reached €6.1 million in Q1 2026, with comparable EBIT for 2025 at €25.8 million, a 36% increase year-over-year.

• Fee income grew 22% year-over-year in Q1 2026 to €15.9 million; full-year 2025 fee income was €58.9 million, up 11%.

• Fee profit margin improved to 14% in Q1 2026, with full-year 2025 margin stable at 13%.

• Investment returns (fair value change) totaled €3.6 million in Q1 2026 and €15.5 million for 2025.

• Equity ratio at 55.6% as of Q1 2026 and 57.6% at year-end 2025; cash and short-term assets at €65 million.

Outlook and guidance

• AUM targeted to reach €10 billion by end of 2027, requiring 16% annual growth; current growth rate averages 20% per year.

• Assets under management and fee profit are both expected to grow in 2026, but no numeric estimates provided due to market uncertainties.

• Long-term objectives: over 15% annual revenue growth (excluding carried interest), ROE around 20%, equity ratio above 50%.

• Dividend policy aims for sustainable, growing distributions; €0.12 per share for 2025, with €0.06 per share paid in April 2026 and potential additional €0.06 in September 2026.

• Outlook for the year unchanged: AUM and fee profit expected to grow versus last year.