CapMan Plc
Stock Exchange Release / Q3 Interim Report
5 November 2026 at 8:00 a.m. EET
CapMan Plc 1–9 2026 Interim Report: Carried interest from successful exits – next fund closings expected at year-end
Results for continuing operations and significant events in 1–9 2026:
- Assets under management EUR 7.7 billion 30 September 2026 (EUR 7.2 billion 31 December 2025)
- Group revenue was MEUR 50.7 1 January–30 September 2026 (MEUR 42.5 1 January–30 September 2025) of which:
- Fee income was MEUR 46.8 (MEUR 42.2)
- Carried interest was MEUR 3.9 (MEUR 0.3)
- Operating profit was MEUR 15.3 (MEUR 17.2) and comparable operating profit was MEUR 17.2 (MEUR 19.1)
- Fee profit was MEUR 6.6 (MEUR 6.5)
- Fee profit before group costs was MEUR 8.5 (MEUR 8.6)
- Diluted earnings per share were 5.9 cents (5.5 cents) and comparable diluted earnings per share were 6.7 cents (6.4 cents)
- In March, CapMan announced that it will expand its Real Asset Debt offering by entering into the European infrastructure debt market together with CAERUS, and strengthen their Western European presence with the opening of an office in Paris.
- In June, Nordic Real Estate IV fund held its first close supported by existing and new international investors. Building on strong momentum, the fund is on track to reach its target size of EUR 750 million during 2027.
- In June, Nordic Infrastructure III fund held its first close, being on track to reach its final close during 2027 with a target size of EUR 750 million.
- In September, CapMan’s Board of Directors decided on the additional dividend of EUR 0.06 per share authorised by the Annual General Meeting, bringing the total dividend distribution to EUR 0.12 per share for 2025.
This stock exchange release is a summary of CapMan Plc’s Interim Report for the period 1 January–30 September 2026. 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/reports-events/.
CEO’s comment:
CapMan continued strong growth during the first nine months of 2026. Fee income grew by 11% to EUR 46.8 million and together with carried interest from successful exits lifted total revenue by 19% to EUR 50.7 million. Management fees continued to grow in the third quarter, supported by the June first closings of our flagship funds, while exits and lower transaction-related service fees moderated fee income growth. Fee profit was EUR 6.6 million, slightly up from the previous year. Despite good fee profit and strong carried interest, comparable operating profit declined by EUR 1.9 million to EUR 17.2 million as fair value changes were EUR 5.6 million lower than last year. Assets under management remained stable from the second quarter at EUR 7.7 billion, representing 6% growth since start of the year.
Fundraisings progressing towards next closings at year-end
Fundraising for the flagship funds remains our top priority. During the first nine months we raised some EUR 550 million of new capital, with the June first closings of Nordic Real Estate IV and Nordic Infrastructure III as main contributors. Despite the market having turned more challenging, investor dialogue is active and we are working towards the next closings across several strategies still this year. These support our targeted final closings of Nordic Real Estate IV, Nordic Infrastructure III and European Forest Fund IV during 2027.
Successful exits and capital distributed to investors
Exit activity continued at a good pace with four exits in the third quarter. Real Estate sold the final asset of Nordic Real Estate I, a shopping centre in Denmark, completing the fund’s lifecycle and generating carried interest. Growth completed an exit from its first fund, which also generated carried interest. Real Estate further sold properties in Gothenburg and Copenhagen from Nordic Property Income and Nordic Real Estate III. In the current market, capital distributions are among the most important fund metrics and a key factor in successful future fundraisings. During 2026, we have distributed a significant amount of some EUR 480 million to fund investors. We also see good deal flow and our funds continue to deploy capital. During the quarter, Nordic Real Estate IV made one of its first investments with the acquisition of Crowne Plaza hotel in Copenhagen.
Realised exits and carried interest supported a strong cash flow during the first nine months and the development is expected to continue for the rest of the year. Capital released from our own balance sheet investments supports future growth, reduction of interest-bearing debt and distributions to shareholders. In October, we signed a new EUR 30 million sustainability-linked loan facility agreement that enables us during the first half of 2027 to refinance our EUR 40 million senior bond maturing in April 2027.
Sector leadership in sustainability
Sustainability is integral to how we create financial value in our investments. In this year’s GRESB assessments, all participating Real Estate funds improved their scores and five achieved the highest five-star rating. Three of them, CapMan Residential Fund, Nordic Property Income and Hotels II, were named Sector Leaders globally and in Europe. In Infra, both funds scored 97.6 out of 100 and Nordic Infrastructure II improved to five stars.
We continue to drive shareholder value and profitable growth. We have several internal effectiveness initiatives ongoing to improve scalability, and we continue to maintain strong cost control. Combined with the focus on succeeding with the ongoing fundraisings, we are on the right path to meet our strategic objectives.
Pia Kåll
CEO, CapMan Plc
Key figures
| MEUR | 1-9/26 | 1-9/25 |
| Continuing operations: | ||
| Operating profit | 15.3 | 17.2 |
| Items impacting comparability | 1.9 | 1.9 |
| Comparable operating profit | 17.2 | 19.1 |
| Result for the period | 13.4 | 11.8 |
| Items impacting comparability | 1.5 | 1.6 |
| Comparable result for the period | 14.9 | 13.4 |
| Earnings per share, cents | 5.9 | 5.5 |
| Items impacting comparability, cents | 0.9 | 0.9 |
| Comparable earnings per share, cents | 6.8 | 6.4 |
| Earnings per share, diluted, cents | 5.9 | 5.5 |
| Items impacting comparability, cents | 0.8 | 0.9 |
| Comparable earnings per share, diluted, cents | 6.7 | 6.4 |
| % | 30 Sep 26 | 30 Sep 25 |
| Return on equity, % p.a. | 9.4 | 8.0 |
| Return on equity from continuing operations, comparable, % p.a. | 10.5 | 9.1 |
| Equity ratio, % | 57.9 | 59.3 |
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 (unchanged)
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/q3-2026. 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 1–9 2026 Interim Report
About CapMan
CapMan is a leading Nordic private asset expert with an active approach to value creation and 7.7 billion euros 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 to investors while supporting resilient assets and companies across our portfolio. 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, Düsseldorf and Paris. We are listed on Nasdaq Helsinki since 2001. www.capman.com.
