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CapMan Plc 1–6 2023 Half-Year Report


CapMan Plc
Stock Exchange Release / Half-Year Financial Report
3 August 2023 at 8:00 a.m. EEST

CapMan Plc 1–6 2023 Half-Year Report

Results and significant events in 1–6 2023:

  • Group turnover was MEUR 31.6 1 January–30 June 2023 (MEUR 31.9 1 January–30 June 2022) and decreased by 1 per cent.
  • Group turnover excluding carried interest, i.e., fee income was MEUR 28.8 (27.4) and increased by 5 per cent.
  • Operating profit was MEUR 4.7 (MEUR 33.0).
  • Operating profit excluding carried interest and fair value changes was MEUR 4.7 (MEUR 4.1) and increased by 14 per cent.
  • Management Company business turnover was MEUR 26.1 (MEUR 26.2). Operating profit was MEUR 8.1 (MEUR 10.5).
  • Service business turnover was MEUR 5.3 (MEUR 5.7). Operating profit was MEUR 3.0 (MEUR 3.0).
  • Investment business operating loss was MEUR 2.9 (operating profit MEUR 24.1).
  • Diluted earnings per share were 2.3 cents (15.6 cents).
  • Assets under management were EUR 5.0 billion on 30 June 2023.

This stock exchange release is a summary of CapMan Plc’s Half-Year Report for the period 1 January–30 June 2023. The complete report is available in pdf-format as an attachment to this release and on the company’s website at

CEO’s comment:

“CapMan’s business developed favourably overall in the first half of 2023. Fee income grew, and the latest twelve-month operating profit excluding carried interest and fair value changes reached a new record. We received carried interest as expected from completed exits. Fair value development of own funds was positive, and we raised approx. MEUR 200 in new commitments to our funds.

The market environment has remained uncertain. The fear of continued increases to interest rates and inflation in Europe, combined with heightened geopolitical tensions, is slowing down transaction activity as well as the fundraising market through heightened return requirements and decreased valuations. The effects have been especially evident in the real estate market. Lower mid-market private equity investments and infrastructure investments have been less affected.

However, the uncertain market situation also creates good investment opportunities. We have continued to execute on our investment strategies both in terms of investments and exits. During the first half of the year, we made five new investments from our funds, the latest of which were in data centre platform Serverius by the CapMan Nordic Infrastructure II fund and in eye health operator Silmäasema by the CapMan Growth II fund. Over the same period, we have exited three investments, most recently Coronaria by the CapMan Growth I fund.

Stable and predictable fee income is the backbone of our result

We have grown our fee income over several years in a purposeful manner. The significance of these stable and predictable income streams becomes more pronounced during times of increased market uncertainty. Fee income growth continued in the first half of 2023 and was 5 per cent higher compared to the same period last year due to growing management fees and a strong contribution from CaPS.

The growth in fee income combined with only moderate cost increases resulted in 14 per cent growth of operating income excluding carried interest and fair value changes. Our operating cash flow improved following stronger profitability and carried interest. Growing fee profits remains a core focus of our business.

Carried interest amounted to MEUR 2.8 following exits from CapMan Growth I fund. In addition, the first CapMan Nordic Real Estate fund is in carry. Every realised exit from the remaining assets in these funds generates carry. We are preparing for several exits and expect additional carried interest over the next 12 months.

Successful fundraising contributed to assets under management

Current market sentiment has led to generally longer fundraising processes. Nevertheless, investor demand for CapMan’s products has remained good. We have raised a total of approx. MEUR 200 over the first half of 2023 for our infrastructure, real estate and private equity funds and mandates and successfully promoted projects across all investment areas. We expect significant commitments over the autumn into several ongoing fundraising projects.

New commitments increased assets under management; however, exits during the spring and negative fair value developments of open-ended real estate funds had the opposite effect. As of the end of June, our assets under management were EUR 5.0 billion.

Value creation in our own funds was successful, external funds had a negative impact on results

Investments in CapMan’s own funds developed positively during the first half of 2023 especially due to the favourable development of infrastructure and private equity portfolio companies. The development of real estate funds was generally neutral. Fair value change without the impact of external fund investments was MEUR +3.7, which corresponds to a fair value increase of 3 percent. Overall, fair value development of investments was negative, principally driven by the drop in valuation of external, predominantly venture capital funds.

Sustainability targets in action

In June, we published our first sustainability report in accordance with GRI standards. There we present more details about our sustainability work. We have compared achievements from last year to greenhouse gas reduction targets validated by the Science Based Targets initiative and are moving in the right direction, as evidenced by several indicators. Several portfolio companies have set emission reduction targets and we have reduced emissions per square meter in our commercial real estate.

We uphold employee wellbeing and support the realisation of a diverse work environment in practice. In 2022, our portfolio companies created more than 2,500 new jobs and achieved an average employee satisfaction of 76/100. In addition to the Supplier Code of Conduct, which we announced in April, we conduct a human rights assessment in our operations as well as our investments.  Sustainability factors are part of variable remuneration, in addition elements related to sustainability have been integrated in the performance targets for almost every employee starting from 2023. In a growing number of our portfolio companies, remuneration of management is linked to sustainability targets. We consistently work towards our vision to become the most responsible private asset company in the Nordics by integrating sustainability into all aspects of business at CapMan and in our portfolio companies.

A strong balance sheet supports our strategy

Our balance sheet and liquidity are strong. At the end of June 2023, our equity ratio was 46 per cent and liquid assets MEUR 43. Distribution to shareholders was a record 17 cents per share for 2022, of which the second instalment–8 cents–is due to be paid in September.

The strong balance sheet also supports our strategic objectives, of which a central component is to double assets under management by 2027. The objective is based on the combination of strong organic growth and M&A and relies on CapMan’s ability to generate attractive, long-term sustainable returns for our fund investors over business cycles. Private assets investing is a long-term business, and although the pace of growth has slowed from the peak years, the outlook for the industry remains strong. We have excellent opportunities to achieve our strategic objectives while we contribute to building sustainable societies through investing in growing, responsibly managed businesses and functioning high-quality infrastructure and real estate that promotes sustainable development.”


Pia Kåll

CEO, CapMan Plc

Key figures

MEUR 1–6/23 1–6/22
Operating profit 4.7 33.0
Result for the period 4.8 25.2
Earnings per share, cents 2.3 15.9
Earnings per share, diluted, cents 2.3 15.6
% 30.6.23 30.6.22
Return on equity, % 7.4 39.8
Equity ratio, % 45.7 48.4

Financial objectives

CapMan’s objective is to pay an annually increasing dividend to its shareholders.

The combined growth objective for the Management Company and Service businesses is more than 15 per cent p.a. on average. The objective for return on equity is more than 20 per cent p.a. on average. CapMan’s equity ratio target is more than 50 per cent.

CapMan maintains outlook estimate for 2023

CapMan expects to achieve these financial objectives gradually and key figures are expected to show fluctuation on an annual basis considering the nature of the business. CapMan estimates assets under management to grow in 2023. The company’s objective is to grow operating profit excluding carried interest income and fair value changes. These estimations do not include possible items affecting comparability.

Carried interest income from funds managed by CapMan and the return on CapMan’s investments have a substantial impact on CapMan’s overall result. In addition to portfolio company and asset-specific development and exits from portfolio companies and assets, various factors outside of the portfolio’s and CapMan’s control influence fair value development of CapMan’s overall investments, as well as the magnitude and timing of carried interest.

CapMan’s objective is to improve results in the long term, taking into consideration annual fluctuations related to the nature of the business. For these and other above-mentioned reasons, CapMan does not provide numeric estimates for 2023.

Result webcast today at 9.30 a.m. EEST

CapMan’s management will present the result for the review period in a webcast to be held at 9.30 a.m. EEST. Please access the webcast at The conference will be held in English. A replay of the webcast will be available on the company’s website after the event.

Helsinki, 3 August 2023

Board of Directors

Contact details:
Atte Rissanen, CFO, CapMan Plc, tel. +358 50 040 5732

Nasdaq Helsinki Ltd
Principal media

Appendix: CapMan Plc 1-6 2023 Half-Year Report

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. As one of the private equity pioneers in the Nordics we have built value in unlisted businesses, real estate, and infrastructure for over three decades. With approx. €5 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover minority and majority investments in portfolio companies and real estate, and infrastructure assets. We also provide wealth management solutions. Our service business includes procurement and analysis, reporting and back office services. Altogether, CapMan employs approximately 180 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London, Luxembourg and Jyväskylä. We are listed on Nasdaq Helsinki since 2001. Learn more at