Slide 1: Interim Report 1–3 2026
1–3| 2026 Interim Report Strong first quarter and fee profit growth accelerated Pia Kåll | CEO 6 May 2026
Slide 2: Disclaimer
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 presentatio
Slide 3: Strong financial development in Q1 2026
3 Strong financial development in Q1 2026 €7.2bn Assets under management €16.3m Revenue €6.1m Comparable EBIT +0% +25%* -16%* *) Continuing operations 1–3 2026 Interim Report
Slide 4: CapMan is a partner for international institutional investors
4 CapMan is a partner for international institutional investors se attractive returns from Nordic private asset investments AUM BY GEOGRAPHY (31 MAR 2026) AUM BY INVESTOR TYPE (31 MAR 2026) AUM BY STRATEGY (31 MAR 2026) 5% 4% 6% 21% 18% 6% 36% 8% 47% ~200 institutional LPs €7.2bn ~350 private wealth
Slide 5: CapMan is today building the society of the future
CapMan is today building the society of the future Our vision is to become the most responsible private assets company in the Nordics
Slide 6: CapMan creates value for society as a responsible investor and owner
6 CapMan creates value for the society as a responsi investor and owner focusing on the real assets mar REAL ASSETS € 5.7 bn ASSETS UNDER MANAGEMENT PE & WEALTH € 1.5 bn Real Estate Infra Natural CapitalReal Asset Debt Private Equity & Wealth €3.8 bn AUM €0.5 bn AUM €0.8 bn AUM €0.6 bn AUM €1.5 bn A
Slide 7: CapMan's value drivers are fee profit, carried interest and investment returns
6 CapMan’s value drivers are fee profit and carried interest from a management and investment returns from balance sheet inve ASSET MANAGEMENT BALANCE SHEET INVESTMENTS PRIVATE REAL INFRA- NATURAL REAL ASSET EQUITY & ESTATE STRUCTURE CAPITAL DEBT BALANCE SHEET INVESTMENTS WEALTH PRIMARILY IN OWN FUN
Slide 8: 1-3 2026 key financials
8 1-3 2026 key financials Continuing operations FEE PROFIT NET CARRIED INTEREST INVESTMENT RETURNS 1-3 2026 1-3 2026 Fair value change 1-3 2026 € 2.2m € 0.3m € 3.6m /+2.0% Change 1-3 2026 Change 1-3 2026 Fair value of investments 31 Mar 2026 +48% n/a € 180m Growth/last three years Average/last three
Slide 9: Fee income and fee profitability development
9 Fee income and fee profitability development FEE INCOME, CONTINUING OPERATIONS FEE PROFIT, CONTINUING OPERATIONS KEY TAKEWAYS €m • Fee income growth 22% and fee €m profit growth 48%, reflecting +22% improved relative profitability and 15.9 +48% 2.2 the scalability of the business 13.0 • Strong cos
Slide 10: Balance sheet investment allocation
10 Balance sheet investment allocation BALANCE SHEET INVESTMENTS 31 MARCH 2026, €M Private Equity € 69 m in cash and other short-term financial assets, € 180 m in Cash and other & Credit well diversified portfolio of private asset funds. short-term financial assets 69 67 € 56 m remaining commitments
Slide 11: Fair value changes of balance sheet investments
11 Fair value changes of balance sheet investments FAIR VALUE CHANGES 2021-2025 FAIR VALUE CHANGES 1-3 2026 VS. 1-3 2025 €m €m 7 Own funds: €5.4m (3.9%) 40 25.3% External: €0.4m (1.0%) 35 26.9% 6 30 5 Own funds: €4.7m (3.3%) 25 External: €-1.1m (-3.2%) +3.3% 4 20 33.9 36.5 8.6% 15 3 4.5% 5.7 10 15.5
Slide 12: Fee profit growth and fair value changes largest EBIT contributors
12 Fee profit growth and fair value changes largest EBIT contr 1-3 2026 COMPARABLE EBIT 1-3 2025 COMPARABLE EBIT € millions € millions 5.7 7.2 3.6 6.1 0.3 2.5 2.2 1.5 0.0 1.5 Fee profit Net carried EBIT excl. FV FV changes Comparable EBIT Fee profit Net carried EBIT excl. FV FV changes Comparable EB
Slide 13: CapMan maintains a solid balance sheet with good liquidity
13 CapMan maintains a solid balance sheet with good Equity Equity ratio STRONG LIQUIDITY to support growth of asset management business, €186.7m 55.6% decrease interest bearing debt, and deliver strong shareholder value creation Cash & other short-term financial assets Undrawn credit limit FINANCIAL
Slide 14: Market analyses estimate real asset fund AUM in Europe to grow double-digit
14 Market analyses estimate assets under management in European focu asset funds to grow double -digit over the long -term AUM IN EUROPE FOCUSED FUNDS, $ ‘000bn • Fundraising times shortened during 2025 compared to the extended process times during the past two Natural resources Real estate Infrastr
Slide 15: We continue to deliver on our growth strategy
15 We continue to deliver on our growth strategy Strategic objective to €reach 10 billion AUM by scaling real asset investment strategies, launching new products and targeted acquisitions inning nvestors’ imble W team I choice N operations S ustainable Building teams that THE partner for LP’s Scalab
Slide 16: AUM growth and objective to reach €10 billion by end of 2027
16 AUM average annual growth +20%-2025in 2023 and objective to reach € 10 billion by end of 2027 through ongoing and planned fund ASSETS UNDER MANAGEMENT, EUR BILLIONS KEY FUNDRAISINGS 2026-2027 Real Asset Debt +16% p.a. Natural Capital CAERUS VIII Infra debt Infra Real Estate European Forest Fund I
Slide 17: AUM growth drivers 2026–2027 per investment area
17 AUM growth drivers 2026 – 2027 per investment area • Nordic Real Estate IV fundraising ongoing, target size at final close € 750 m during 2027 REAL ESTATE • Specialised open-ended funds continue fundraising, average capital raised (incl. mandates) during last three years € 300 m p.a. INFRASTRUCTU
Slide 18: Real Asset Debt expands into European infrastructure debt
18 Real Asset Debt investment area expands into European infrastructure debt • CapMan expands its Real Asset Debt investment area into infrastructure debt • Infrastructure debt is a rapidly growing market segment, driven by strong demand across Europe for financing investments in critical infrastruc
Slide 19: A great start to the year 2026 with several new transactions
19 I nvestors ’ choice A great start to the year 2026 with several new transactions PLATFORM INVESTMENTS 2026 EXITS 2026 Growth III: Kuntolat care services company Investment 01/26 Infra I: Valokuitunen Exit 03/26 Real Estate: Residential project, Copenhagen Investment 02/26 Social Real Estate: Poli
Slide 20: Successful value creation and exit of Valokuitunen from Infra fund I
20 I nvestors ’ choice Successful value creation and exit Grown the network from 20,000 households to over 430,000 ofValokuitunen from Infra fund I households • In March 2026 Nordic Infrastructure I fund signed the sale of Valokuitunen, Finland’s leading fiber-to-the-home (FTTH) company, to Brookfie
Slide 21: Building scalable operations through automation and technology
21 N imbleoperations Building scalable operations through systematic deployment o automation and technology SCALABLE OPERATIONS FEE PROFIT MARGIN* • Over 20 Nimble Operations development projects 16% completed during 2025, implementation continuing 2026 14% • Projects focused on: 14% 13% 13% o Enabl
Slide 22: CapMan's sustainability work is recognised in international benchmarks
22 S ustainable CapMan’s sustainability work is recognised in international be with continuously improving scores GRESB provides real asset 2022 2025 benchmarks on individual assets Hotels II and portfolios ESG performance, aligned with the Sustainable Nordic Property Income Development Goals and th
Slide 23: Positioned for profitable growth
23 Positioned for profitable growth 2025 Q1 (LTM*) STRATEGIC TARGET 2027 AUM € 7.2 bn € 7.2 bn € 10 bn € 58.9 m € 61.8 m Fee income Grows in line with AUM (0.82% of AUM) (0.86% of AUM) Grows faster than fee income as € 7.4 m € 8.1 m business scales Fee profit (12.5% of fee income) (13.1% of fee inco
Slide 24: CapMan's long-term financial objectives
24 CapMan’s long-term financial objectives Revenue growth excluding carried interest* Return on equity Equity ratio Distribution policy >15% >20% >50% CapMan’s policy is to pay sustainable distributions that Average annual grow over time growth objective 1-3 2026: 31 March 2026: 31 March 2026: Total
Slide 25: 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 Outlook estimate managed by CapMan and the return on CapMan’s investments have a substantial impact on CapMan’s overall r
Slide 26: Q&A
26 Q&A Pia Kåll Atte Atte Rissanen Rissanen CEO CFO CFO
Slide 27: CapMati
CapMati