CapMan (CAPMAN) Q2 2024 earnings summary

Executive summary

• Assets under management reached a record €5.8 billion as of June 30, 2024, up 16% year-over-year, driven by the Dasos Capital acquisition and successful fundraisings in Infrastructure II and Growth Equity III funds.

• Comparable EBIT grew by 205% year-over-year to €14.4 million, with strong growth in all earnings components.

• Turnover increased 16% year-over-year to €36.7 million, with fee income up 14% and fee profit up 50% to €7.0 million.

• The Dasos Capital acquisition formed a new Natural Capital investment area and contributed to AUM and income growth.

• CapMan continues to expand its investor base and launch new products and funds.

Financial highlights

• Fee profit for H1 reached €7.0 million, a 50% increase year-over-year; carried interest totaled €3.8 million, up 38%.

• Fair value of private asset investments at end of June was €162 million, with a 2% fair value increase in H1.

• Operating profit reached €12.7 million, up 171% from the prior year; comparable operating profit was €14.4 million.

• Result for the period: €8.9 million (+86%); comparable result: €10.4 million (+118%).

• Equity ratio stood at 50.7% as of June 30, 2024, with cash and undrawn credit of nearly €70 million.

Outlook and guidance

• Long-term target to reach €10 billion in AUM remains unchanged.

• Management expects AUM and fee profit to grow in 2024, with several funds in fundraising supporting future growth.

• No numeric guidance for 2024 due to the nature of carried interest and investment returns.

• Distribution policy is to pay sustainable, growing distributions based on fee income, fee profit, and carried interest.