CapMan (CAPMAN) Q3 2025 earnings summary

Executive summary

• Assets under management reached a record €7.1 billion (SEK 7.1 billion), up 17% year-over-year, driven by €560 million in new capital and the CAERUS acquisition adding €640 million.

• Fee income grew 6% year-over-year, while comparable EBIT increased 46% to €19.1 million, mainly from strong fair value development in own fund investments.

• Operating profit rose 55% year-over-year to €17.2 million, with diluted EPS up to 5.5 cents and comparable diluted EPS to 6.4 cents.

• Majority of new capital in 2025 came from first-time investors, with strong investment activity and several notable exits completed in Q3.

Financial highlights

• Revenue for the period was €42.5 million, with fee profit stable at €6.5 million and carried interest income dropping 91% to €0.3 million.

• Fair value uplift of 6.9% (€12.4 million), with own funds contributing €11.0 million and external funds €1.4 million.

• Equity at €190.1 million and equity ratio at 59.3%.

• Cost control remained strong, with operational expense increases mainly from the CAERUS and Midstar acquisitions.

Outlook and guidance

• Assets under management and fee profit are expected to grow in 2025, though no numeric guidance is provided due to business volatility.

• Several ongoing and planned fundraisings across all investment areas, with strong appetite from international institutional investors.

• Exits and carried interest are anticipated to increase over the next 6-12 months as market activity resumes.