CapMan (CAPMAN) Q4 2025 earnings summary

Executive summary

• Achieved record levels in all key financial metrics for 2025, including assets under management (AUM), fee income, and fee profit, with AUM rising 19% year-over-year to €7.2 billion.

• Revenue increased 9% to €63 million, driven by 11% growth in fee income; operating profit rose 39% to €23.2 million.

• Strategic focus strengthened on real asset investments through major acquisitions and new fund launches, targeting €10 billion AUM.

• Major acquisitions included Midstar Fastigheter AB's hotel portfolio and a 51% stake in CAERUS Debt Investments AG, expanding real asset debt capabilities.

• Completed 15 exits and deployed capital into 10 platform investments, with strong value creation across all funds.

Financial highlights

• Comparable EBIT rose 36% to €25.8 million, driven by fee profit growth and strong fair value development.

• Fee income reached €58.9 million (+11% year-over-year); fee profit was €7.4 million (+6%).

• Carried interest at €3 million, slightly down due to timing of exits; fair value changes totaled €15.5 million (+99%).

• Equity ratio stood at 57.6% as of December 31, 2025; cash and short-term assets at €65 million, with €20 million undrawn credit.

• Return on equity was 9% for 2025.

Outlook and guidance

• Assets under management and fee profit are expected to grow in 2026, though no numeric guidance is provided due to business volatility.

• Several flagship fundraisings ongoing across Infra, real asset debt, Natural Capital, and real estate.

• Market sentiment improving but still uncertain; investors showing more willingness to allocate capital.

• Focus remains on scaling real asset strategies and fundraising for flagship funds.