CapMan (CAPMAN) Q4 2024 earnings summary

Executive summary

• Achieved record assets under management (AUM) of €6.1bn, up 22% year-over-year, driven by the acquisition of Dasos Capital and €570m 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 from continuing operations.

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

• Significant impact on Nordic economies through sustainable real estate, infrastructure, and responsible land management.

Financial highlights

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

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

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

• Carried interest income increased by 38% to €4.3m; investment returns up 4.5% to €7.8m.

• Private asset investments at fair value of €167m; total balance sheet at €262m with €94m 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.

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

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