CapMan Plc 2025 Financial Statements Bulletin

CapMan Plc
Stock Exchange Release / Financial Statement Release
12 February 2026 at 8:00 a.m. EET

CapMan Plc 2025 Financial Statements Bulletin

Results for continuing operations and significant events in 2025:

• Assets under management EUR 7.2 billion 31 December 2025 (EUR 6.1 billion 31 December 2024)
• Group revenue was MEUR 63.0 1 January–31 December 2025 (MEUR 57.6 1 January–31 December 2024) of which:
  • Fee income was MEUR 58.9 (MEUR 53.3)
  • Carried interest was MEUR 4.1 (MEUR 4.3)
• Operating profit was MEUR 23.2 (MEUR 16.7) and comparable operating profit was MEUR 25.8 (MEUR 19.0)
• Fee profit was MEUR 7.4 (MEUR 6.9)
• Fee profit before group costs was MEUR 10.2 (MEUR 9.9)
• Diluted earnings per share were 7.4 cents (2.8 cents) and comparable diluted earnings per share were 8.6 cents (4.0 cents)
• In March, CapMan Real Estate fund CapMan Hotels II closed the acquisition of Midstar Fastigheter AB’s hotel portfolio, growing CapMan’s assets under management by EUR 0.4 billion.
• In June, CapMan signed an agreement to acquire majority of German based real estate debt specialist CAERUS Debt Investments AG and launched new investment area Real Asset Debt. The transaction was closed on 31 July 2025, and as at 31 December 2025 contributed some EUR 0.6 billion to CapMan’s assets under management.
• The Board of Directors expects the dividend distribution for 2025 to be EUR 0.12 per share, of which EUR 0.06 per share is proposed to be paid on 8 April 2026 and EUR 0.06 per share following a Board resolution in September.

This stock exchange release is a summary of CapMan Plc’s Financial Statements Bulletin 1 January–31 December 2025. The complete report is available in pdf-format as an attachment to this release and on the company’s website at https://capman.com/shareholders/result-reports/.

CEO’s comment:

2025 was a year of strong financial development for CapMan. Assets under management grew 19% to a new record level of EUR 7.2 billion. Consequently, fee income and fee profit also reached record levels, with fee income growing 11% to EUR 58.9 million and fee profit reaching EUR 7.4 million.

During 2025 we raised a total of EUR 900 million of new capital across investment areas. This is an excellent achievement in a year marked by economic and geopolitical uncertainty, and a testament to our strong track record, dedicated teams and longstanding investor relationships. In addition, we during the year expanded into Real Asset Debt with the acquisition of CAERUS Debt Investments AG, that by year end contributed some EUR 600 million to assets under management.

Transaction activity returned to healthy levels

Value creation across CapMan’s funds was strong in 2025 and transaction activity returned to healthy levels. As a result of active asset management, fair values developed positively across all investment areas, and the fair value of CapMan’s balance sheet investments into own funds increased 10.2%. We completed 15 exits during the year, returning significant capital to our fund investors, and deployed capital through ten platform investments and several add-ons. The Nordic real estate market offered attractive opportunities, with Real Estate making six new fund investments and three successful exits. Natural Capital completed successful exits in Portugal, Latvia and Lithuania and Buyout exited five portfolio companies, including three from the latest Buyout XI fund.

Accelerating strategy execution during 2026

In 2026 we will focus on realising value from our funds and succeeding with the ongoing fundraisings. Natural Capital held the first close in European Forest Fund IV in December and the fundraising continues. Real Estate has a strong pipeline, having already secured the option for the first investment into the Nordic Real Estate IV fund that is being raised. In Real Asset Debt we are raising the eighth CAERUS real estate debt fund and in parallel explore the possibility to expand the offering into infrastructure debt. Additionally, Infra will launch the fundraising for the Nordic Infrastructure III flagship fund during the year. All four above mentioned flagship funds are expected to be larger than their predecessor funds, and once realised, contributing significantly to assets under management and fee income generation for several future years to come.

Strong position to continue positive financial development

Looking back at year 2025, we took significant steps towards achieving our strategic objective of reaching EUR 10 billion of assets under management and strengthened CapMan’s strategic focus on real asset investments. The focus on creating scalable profitable operations is a core theme also for 2026, and we expect our assets under management and fee profit to continue to grow.

A warm thank you to our shareholders and fund investors for your continued trust. I also want to thank CapMan’s leadership and all employees for your commitment and for creating the highly professional can-do culture that makes CapMan unique. I feel honoured to lead this growth chapter of CapMan and look forward to continuing to build value together with and for all our stakeholders.

Pia Kåll

CEO, CapMan Plc

Key figures

Long-term financial objectives

CapMan’s distribution policy is to pay sustainable distributions that grow over time. CapMan’s objective is to distribute at least 70% of the Group’s profit attributable to equity holders of the company excluding the impact of fair value changes, subject to the distributable funds of the parent company. In addition, CapMan may pay out distributions accrued from investment operations, taking into consideration foreseen cash requirements for future investments.

The revenue growth target excluding carried interest income is more than 15% p.a. on average. The target for return on equity is more than 20% and for equity ratio more than 50%.

CapMan expects to achieve these financial targets gradually and key figures are expected to show fluctuations on an annual basis considering the nature of the business.

Outlook estimate for 2026

CapMan’s objective is to improve results in the long term, taking into consideration annual fluctuations related to the nature of the business. 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 asset-specific development and exits from 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. For these reasons, CapMan does not provide numeric estimates for 2026.

CapMan estimates assets under management to grow in 2026. The company estimates fee profit also to grow in 2026. These estimations do not include possible items affecting comparability.

Result webcast today at 9:30 a.m. EET

CapMan’s management will present the result for the review period in a webcast to be held at 9:30 a.m. EET. Please access the webcast at https://capman.events.inderes.com/q4-2025. The webcast will be held in English. A replay of the webcast will be available on the company’s website after the event.

CAPMAN PLC
Board of Directors

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

Distribution:
Nasdaq Helsinki Ltd
Principal media
www.capman.com

Appendix: CapMan Plc 2025 Financial Statements Bulletin

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and €7.2 billion in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. 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 and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, real asset debt, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London, Luxembourg, and Düsseldorf. We are listed on Nasdaq Helsinki since 2001. www.capman.com