CapMan (CAPMAN) Q2 2025 earnings summary

Executive summary

• Assets under management reached €6.5 billion at H1 2025, up 8% from year-end, driven by acquisitions of Midstar's hotel portfolio and CAERUS Debt Investments, expanding into real asset debt and adding €1.1 billion in undeployed capital.

• Revenue was €27.1 million, down 12% year-over-year, mainly due to lower carried interest, while several exit processes are ongoing.

• Strategic objective to reach €10 billion AUM by scaling real asset strategies and targeted acquisitions.

• Sustainability initiatives advanced, including SBTi validation for real estate net zero climate targets and significant GHG emission reductions.

• Strong liquidity and balance sheet, with €52 million in cash and a 60.7% equity ratio.

Financial highlights

• Comparable EBIT was €10.6 million, down 4% year-over-year, driven by strong fair value development but no significant carried interest.

• Fee profit was €2.8 million, down 24% year-over-year, mainly due to absence of retroactive management fees and lower carried interest (€0.2 million, down 95%).

• Investment returns reached €7.6 million, with a 4.3% fair value uplift across all investment areas.

• Fee profit margin decreased to 10% from 14% year-over-year.

• Diluted EPS was 2.4 cents (up from 1.6 cents); comparable diluted EPS was 3.0 cents (up from 2.4 cents).

Outlook and guidance

• Long-term financial objectives remain unchanged: targeting AUM growth above 15% and sustainable, growing distributions.

• AUM and fee profit expected to grow in 2025, excluding items affecting comparability; no numeric estimates due to market uncertainties.

• Confidence in H2 guidance is based on successful fundraising, continued cost control, and growing AUM run rate.