Slide 1: Strategic milestones reached and strong financial performance
Strategic milestones reached and strong financial performance Pia Kåll 13 February 2025
Slide 2: Disclaimer
• Confidentiality: This presentation is confidential and proprietary to CapMan, and it is intended solely for the information of the recipient. By accepting this presentation, the recipient agrees to keep the information contained herein confidential. • No redistribution: This presentation may not b
Slide 3: Assets under management, Turnover, Comparable EBIT
3 Assets under management Turnover Comparable EBIT *) Continuing operations. CapMan has divested service business CaPS, and classifies it as a discontinued operation in the income statement. 1-12 2024 Financial results
Slide 4: 1-12 2024 Financial results
4 • • • • • 1-12 2024 Financial results
Slide 5: Our vision is to become the most responsible private assets company in the Nordics
Our vision is to become the most responsible private assets company in the Nordics
Slide 6: CapMan key figures: properties, AUM, portfolio companies, employees
properties AUM portfolio AUM land AUM companies tenants lettable area employees aggregate Sustainable wood harvested turnover
Slide 7: Management company business and investment business
6 MANAGEMENT COMPANY BUSINESS INVESTMENT BUSINESS PRIVATE REAL INFRA- NATURAL EQUITY & WEALTH ESTATE STRUCTURE CAPITAL CREDIT BALANCE SHEET INVESTMENTS PRIMARILY IN OWN FUNDS PLATFORM EXPERT SERVICES Large-cap processes for mid-cap investment strategies VALUE DRIVERS FEE PROFIT INVESTMENT RETURNS CA
Slide 8: Fee profit, carried interest and investment returns
8 CapMan has divested service business CaPS, and classifies it as a discontinued operation in the income statement. MANAGEMENT COMPANY AND SERVICE BUSINESS, CONTINUING OPERATIONS INVESTMENT BUSINESS FEE PROFIT CARRIED INTEREST INVESTMENT RETURNS 1-12 2024 1-12 2024 Fair value change 1-12 2024 Growth
Slide 9: Fee income and fee profit, continuing operations
9 FEE INCOME, CONTINUING OPERATIONS FEE PROFIT, CONTINUING OPERATIONS €m €m +15% 53,3 6,9 46,2 +81% 3,8 2023 2024 2023 2024 FEE PROFIT 8% 13% *Fee profit divided by fee income MARGIN* 1-12 2024 Financial results
Slide 10: Balance sheet investments 31.12.2024
9 BALANCE SHEET INVESTMENTS 31.12.2024, €M € 94 m in cash and money market funds, € 167 m in private asset funds Real estate Cash 39 € 67 m remaining commitments into funds 90 Private Well diversified portfolio between asset classes Equity & € 262 m 56 Credit and vintage years Fund investments expec
Slide 11: Fair value changes 2020-2024
11 FAIR VALUE CHANGES 2020-2024 FAIR VALUE CHANGES 2024 VS. 2023 €m €m 40 25.3 % 10 26.9 % 35 8 30 6 25 +4.5% 4 7,8 Own funds: -€0.3m (-0.2%) 20 External: -€5.8m (-10.1%) 33,9 36,5 2 15 0 10 4.5 % Own funds: +€8.3m (+6.9%) 3.2 % -2 -3.4% 5 External: -€0.5m (-1.0%) -3.4 % 7,8 -6,1 4,4 -4 0 -5 -6,1 -6
Slide 12: 2024 vs 2023 comparable EBIT
12 2024 COMPARABLE EBIT 2023 COMPARABLE EBIT € millions 19,0 € millions 7,8 11,2 4,3 6,9 -6,1 3,1 6,9 3,8 0,8 Fee profit Carried EBIT excl. FV changes Comparable Fee profit Carry EBIT excl. FV changes Comparable interest FV changes EBIT FV changes EBIT CHANGE +81% +38% +62% n/a +2,148% 1-12 2024 Fin
Slide 13: Equity, cash and equity ratio
13 Equity Equity ratio STRONG LIQUIDITY to support growth of asset management business, decrease interest bearing debt, and enable strong dividend distribution FINANCIAL STABILITY Cash & money market Undrawn credit limit to provide security in all market situations 1-12 2024 Financial results
Slide 14: Capital raised for Europe focused funds declining, recovery expected
14 CAPITAL RAISED FOR EUROPE FOCUSED FUNDS, $bn AUM IN EUROPE FOCUSED FUNDS, $ ‘000bn Natural resources* Infrastructure Real estate Natural resources* Infrastructure Real estate 2,0 150 +9% -23% 1,5 +16% +6% 100 +7% 1,0 +13% 50 0,5 0 0,0 2012 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 20
Slide 15: Deliver top investment returns through active value creation
15 BUILDING ON CAPMAN’S … ENABLES GROWTH OF ASSETS …AND SHAREHOLDER COMPETITIVE ADVANTAGES… UNDER MANAGEMENT… VALUE CREATION Deliver top investment Preferred Nordic returns through active partner for institutional Fee profit growth value creation fund investors Integrate sustainability Scale existin
Slide 16: Investments and exits in 2024
BUYOUT GROWTH REAL ESTATE INFRA Yrkes Akademin Resi: Forward Funding, Heating and electricity Groweo Ursvik Sunbyberg network in Hamina Exit 05/24 Investment 09/24 Investment 06/24 Investment 10/24 Havator Exit 04/24 Innofactor Resi: Residential ProPellet Investment 07/24 properties, Copenhagen Reno
Slide 17: Improved ratings and scores
CapMan Hotels II CapMan Nordic Real Estate II CapMan Nordic Infrastructure I CapMan Nordic Property Income CapMan Nordic Real Estate III CapMan Nordic Infrastructure II CapMan Residential (pre-operational assets) Real estate mandates Improved rating Improved rating Improved rating & scores & scores
Slide 18: Employee satisfaction and inclusion
18 Employee Inclusion satisfaction Index 49 85 eNPS 2024 Index 2024 Target level 50 eNPS Target level 70 (51 eNPS 2023) (81 2023)
Slide 19: AUM and new capital raised by geography and investor type
19 Of capital raised in 2024 more than 50% came from cross-selling new strategies to existing investors or attracting totally new investors to CapMan AUM BY GEOGRAPHY (31.12.2024) AUM BY INVESTOR TYPE (31.12.2024) NEW CAPITAL RAISED (BY GEOGRAPHY 2024) 1% 1% 1% 9% 3% 4% 7% 7% 11% 9% 36% 52% 27% 13%
Slide 20: Scale existing fund products and launch new products
20 SCALE EXISTING FUND PRODUCTS LAUNCH NEW PRODUCTS CapMan Nordic Infrastructure II, CapMan Social Real Estate EXECUTED final close at €375m target size €500m equity CapMan Growth III, final close at €130m New Real Estate mandate Several large €100m strategic CLOSED-ENDED FUNDS growth ONGOING AND PL
Slide 21: Financial objectives and distribution policy
21 Growth of the Management Company Return on equity Equity ratio Distribution policy and Services business* CapMan’s policy is to pay sustainable distributions that grow over time Average annual growth objective 2024: 31.12 2024: 31.12 2024: CapMan’s Board of Directors expects the overall dividend
Slide 22: Outlook for 2025
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 additio
Slide 23: Pia Kåll CEO, Atte Rissanen CFO
23 Pia Kåll Atte Atte Rissanen Rissanen CEO CFO CFO 1-12 2024 Financial results
Slide 24: CapMan
CapMat