CapMan (CAPMAN) Q4 2024 earnings summary

Executive summary

• Achieved record assets under management (AUM) of €6.1 billion, up 21–22% year-over-year, driven by the acquisition of Dasos Capital and €570 million in new capital raised.

• Strategic milestones included the acquisition of Dasos Capital, establishment of Natural Capital as a new investment area, and divestment of the CaPS service business to focus on core asset management.

• Strong financial performance with significant growth in turnover, EBIT, and fee profit, supported by scalability of the real assets-focused business model.

• Divestment of CaPS generated a significant positive impact on earnings, liquidity, and equity.

• Board expects a total dividend of €0.14 per share for 2024.

Financial highlights

• Turnover reached €57.6 million, a 17% increase year-over-year, with growth from both fee income and carried interest.

• Comparable EBIT surged to €19 million from just below €1 million in 2023, reflecting strong contributions from all earnings components.

• Fee profit grew 81% to €6.9 million, with a three-year average annual growth of 34%.

• Carried interest increased to €4.3 million, up 38% from the previous year; fair value changes of investments were €7.8 million (+4.5%).

• Private asset investments at fair value of €167 million; total balance sheet at €262 million with €94 million in cash and money market funds.

Outlook and guidance

• Assets under management and fee profit expected to continue growing in 2025, but no numeric estimates provided due to annual fluctuations in carried interest and fair value changes.

• Board proposes a total dividend of €0.14 per share for 2024, split into two payments.

• Long-term objective to reach €10 billion AUM during the current strategy period.

• Two flagship funds (Nordic Real Estate IV and Sustainable Forest and Wood IV) preparing for fundraising in 2025.

• Long-term targets: >15% annual growth in management and service businesses, >20% ROE, >50% equity ratio.