Capman Oyj Class B · OMXHEX:CAPMAN
Capman Oyj Class B — Q1 2025 Earnings Presentation
24 slides from Capman Oyj Class B's earnings presentation, May 9, 2025
Slide 1: Solid start to the year
Solid start to the year Pia Kåll | CEO 9 May 2025
Slide 2: Confidentiality and 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, Revenue, Comparable EBIT
3 Assets under management Revenue Comparable EBIT *) Continuing operations. CapMan has divested service business CaPS and classifies it as a discontinued operation in the income statement. 1–3 2025 Interim Report
Slide 4: 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 5: Real Assets and PE & Wealth assets under management
5 REAL ASSETS € 4.8 bn ASSETS UNDER MANAGEMENT PE & WEALTH € 1.6 bn AUM Human-centric, sustainable Building sustainable societies Investing in natural capital, Specialised private equity real estate investments, by investing in infrastructure biological growth and climate strategies and wealth advis
Slide 6: Asset management and balance sheet investments
6 ASSET MANAGEMENT BALANCE SHEET INVESTMENTS REAL INFRA- NATURAL PRIVATE EQUITY ESTATE STRUCTURE CAPITAL & WEALTH BALANCE SHEET INVESTMENTS PRIMARILY IN OWN FUNDS Support management company growth PLATFORM EXPERT SERVICES Large-cap processes for mid-cap investment strategies VALUE DRIVERS FEE PROFIT
Slide 7: Fee profit, carried interest, investment returns
7 Continuing operations; CapMan has divested service business CaPS and classifies it as a discontinued operation in the income statement FEE PROFIT CARRIED INTEREST INVESTMENT RETURNS 1-3 2025 1-3 2025 Fair value change 1-3 2025 Growth 1-3 2025 Growth 1-3 2025 Fair value of investments 31 Mar 2025 G
Slide 8: Fee income and fee profit, continuing operations
8 FEE INCOME, CONTINUING OPERATIONS FEE PROFIT, CONTINUING OPERATIONS €m €m +8% 13,0 12,0 +46% 1.5 1,0 1-3 2024 1-3 2025 1-3 2024 1-3 2025 FEE PROFIT 9% 12% *Fee profit divided by fee income MARGIN* 1–3 2025 Interim Report
Slide 9: Balance sheet investments 31 March 2025
9 BALANCE SHEET INVESTMENTS 31 MARCH 2025, €M € 80 m in cash and other short-term financial assets, € 184 m in private asset funds Cash and other short-term Real estate financial assets 56 € 64 m remaining commitments into funds 80 Well diversified portfolio between asset classes and vintage years P
Slide 10: Fair value changes 2020-2024 and 1-3 2025
10 FAIR VALUE CHANGES 2020-2024 FAIR VALUE CHANGES 1-3 2025 VS. 1-3 2024 €m €m 40 25.3 % 8 26.9 % Own funds: €5.4m (3.9%) 35 7 External: €0.4m (1.0%) 30 6 25 5 20 33,9 36,5 Own funds: €1.5m (1.3%) 15 4 4.5 % External: €0.9m (1.7%) 10 3 3.2 % 5,7 +3.3% 5 -3.4 % 7,8 2 4,4 0 -6,1 1 2,3 +1.5% -5 -10 0 2
Slide 11: Comparable EBIT 1-3 2025 vs 1-3 2024
11 1-3 2025 COMPARABLE EBIT 1-3 2024 COMPARABLE EBIT € millions € millions 5,7 7,2 2.3 6,9 3,5 4,5 0,0 1,5 1,5 1,0 Fee profit Carried EBIT excl. FV changes Comparable Fee profit Carried EBIT excl. FV changes Comparable interest FV changes EBIT interest FV changes EBIT CHANGE +46% n/a -68% +146% +5%
Slide 12: Equity, equity ratio and liquidity
12 Equity Equity ratio STRONG LIQUIDITY to support growth of asset management business, decrease interest bearing debt, and enable strong dividend distribution FINANCIAL STABILITY Cash & other short-term Undrawn credit limit to provide security in all financial assets market situations 1–3 2025 Inte
Slide 13: Capital raised and AUM in Europe focused funds
13 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 14: Scaling real asset investment strategies, new products and acquisitions
14 by scaling real asset investment strategies, launching new products and targeted acquisitions Building teams that THE partner for LP’s Scalable, effective and Responsibility as an outperform and a investing in the Nordics, technology enabled enabler for superior workplace where top systematically
Slide 15: Assets under management growth drivers and target
15 ASSETS UNDER MANAGEMENT GROWTH DRIVERS Growth TARGET opportunities € 5.0 bn € 6.1 bn € 10 bn SCALE EXISTING • Fundraising next flagship funds Natural Capital FUNDS in Real Estate, Natural Capital Infra and Infra Real Estate • Continuous capital intake to open-ended funds Private Equity, Wealth LA
Slide 16: Planned fundraisings and AUM development
16 PLANNED FUNDRAISINGS AND ASSETS UNDER MANAGEMENT DEVELOPMENT Completed Ongoing or planned TARGET € 10 bn € 5.0 bn € 6.1 bn € 6.4 bn Additional growth from organic opportunities and acquisitions Nordic Infrastructure III European Forest Fund IV Nordic Real Estate IV target € 750 m Natural Capital
Slide 17: CapMan Hotels II acquires Midstar portfolio
17 Tromsø CMH II portfolio pre-transaction (26 hotels, ~5,100 keys) CapMan Hotels II acquired Midstar Fastigheter AB portfolio of hotel properties in February 2025, in one of Acquired portfolio (28 hotels, ~4,700 keys) the largest transactions of its kind in the region Finlan The transaction doubles
Slide 18: Investment capacity and fund performance
18 INVESTMENT CAPACITY FUND PERFORMANCE undeployed capital of funds in value creation phase are for new investments above carried interest hurdle rate PLATFORM INVESTMENTS 1-3 2025 EXITS 1-3 2025 NRE III: Logistics development, No exits during 1-3 2025 Gothenburg Investment 01/25 Hotels II: Midstar
Slide 19: AUM by geography, investor type and strategy
19 During Q1 2025 a total of € 420 million of new capital was raised, and net AUM grew with € 340 million AUM BY GEOGRAPHY (31 MAR 2025) AUM BY INVESTOR TYPE (31 MAR 2025) AUM BY STRATEGY (31 MAR 2025) 1% 9% 4% 7% 24% 10% 8% 41% 9% 52% 54% 10% 28% 13% 12% 18% Nordics Other Europe Other Pension funds
Slide 20: Material sustainability themes and results 2024
20 CAPMAN MATERIAL SUSTAINABILITY THEMES AND RESULTS 2024 Operations that Diverse, equitable and Climate action based in Human rights throughout Accountability and safeguard nature and the inclusive businesses that science the value chain Transparency planetary boundaries provide meaningful work Nea
Slide 21: Financial objectives and distribution policy
21 Revenue growth excluding carried interest* Return on equity Equity ratio Distribution policy CapMan’s policy is to pay sustainable distributions that Average annual grow over time growth objective 1-3 2025: 31 March 2025: 31 March 2025: Total dividend distribution ** expected to be EUR 0.14 per s
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
Pia Kåll Atte Atte Rissanen Rissanen CEO CFO CFO
Slide 24: CapMan
CapMati