Slide 1: Strengthened focus on the core business
Strengthened focus on the core business Pia Kåll 7 November 2024
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 completed the divestment of service business CaPS, and classifies it as a discontinued operation in the income statement. 1-9 2024 Interim Report
Slide 4: Strategy to grow the core private asset fund management business
• CapMan’s strategy is to grow the core business of private asset fund management • In line with the strategy CapMan and minority shareholders have on 31 October 2024 completed the divestment of service business CaPS for EUR 75 million • The divestment releases capital and allows to focus all resour
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 AUM land AUM companies tenants lettable area employees aggregate negative carbon impact 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: Completed divestment of service business CaPS; continuing operations
8 CapMan has completed the divestment of 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 1-9 2024 1-9 2024 Fair value change
Slide 9: Fee income and fee profit, continuing operations
9 FEE INCOME, CONTINUING OPERATIONS FEE PROFIT, CONTINUING OPERATIONS €m €m +14% 39,9 40 7 6,5 34,9 +68% 35 6 30 5 25 3,9 4 20 3 15 2 10 5 1 0 0 1-9 2023 1-9 2024 1-9 2023 1-9 2024 FEE PROFIT 11% 16% *Fee profit divided by fee income MARGIN* 1-9 2024 Interim Report
Slide 10: Balance sheet investments 30.9.2024
9 BALANCE SHEET INVESTMENTS 30.9.2024, €M € 45 million in cash, € 166 m in private asset funds Cash Real estate 45 39 € 76 m remaining commitments into funds Other 1 Well diversified portfolio between asset classes € 211 m and vintage years Private Equity & 56 Credit Fund investments expected to gen
Slide 11: Fair value changes 2020-2023 and 1-9 2024 vs. 1-9 2023
11 FAIR VALUE CHANGES 2020-2023 FAIR VALUE CHANGES 1-9 2024 VS. 1-9 2023 €m €m 40 25.3 % 3 26.9 % 35 2,5 30 2 25 1,5 2,7 +1.6% 1 Own funds: +€2.7m (+2.3%) 20 External: -€4.5m (-7.9%) 33,9 36,5 0,5 15 0 10 3.2 % -0,5 Own funds: +€4.9m (+4.1%) External: -€2.2m (-4.2%) -1.0% 5 -3.4 % -1 -1,8 4,4 0 -1,5
Slide 12: Comparable EBIT 1-9 2024 vs 1-9 2023
12 1-9 2024 COMPARABLE EBIT 1-9 2023 COMPARABLE EBIT € millions € millions 13,1 2,7 10,3 3,8 6,9 -1,8 5,1 3,0 6,5 3,9 Fee profit Carried EBIT excl. FV changes Comparable Fee profit Carry EBIT excl. FV changes Comparable interest FV changes EBIT FV changes EBIT CHANGE +68% +27% +50% n/a +155% 1-9 202
Slide 13: Equity, equity ratio and strong liquidity
13 Equity Equity ratio STRONG LIQUIDITY for investments and to support growth of fee business FINANCIAL STABILITY Cash & bank Undrawn credit limit to provide security in all market situations 1-9 2024 Interim Report
Slide 14: Deliver top investment returns through active value creation
14 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 15: Investments and exits
BUYOUT GROWTH REAL ESTATE Yrkes Akademin Groweo Resi: Forward Funding, Exit 05/24 Investment 09/24 Ursvik Sunbyberg Investment 06/24 Havator Innofactor Exit 04/24 Investment 07/24 Resi: Residential properties, Copenhagen Tana REAL ESTATE Investment 04/24 INVESTMENT Investment 04/24 EXIT SRE: Office
Slide 16: Improved rating 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) Improved rating Improved rating Improved rating & scores & scores & scores
Slide 17: Scale existing fund products and launch new products
17 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 growth CLOSED-ENDED FUNDS initiatives ON
Slide 18: AUM by geography, investor type and new capital raised
AUM BY GEOGRAPHY (30.9.2024) AUM BY INVESTOR TYPE (30.9.2024) NEW CAPITAL RAISED (BY GEOGRAPHY 1-9 2024) 2% 1% 1% 3% 5% 10% 6% 8% 10% 11% 37% 17% 51% 12% 69% 26% 14% 17% Nordics Other Europe Other Pension funds Fund of funds DACH North America DACH North America Other institutional investors Foundat
Slide 19: Financial objectives and distribution policy
19 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 CapMan’s Board of Directors 1-9 2024: 30.9 2024: 30.9 2024: currently expects to propos
Slide 20: Outlook for 2024
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 21: Pia Kåll, CEO; Atte Rissanen, CFO
21 Pia Kåll Atte Atte Rissanen Rissanen CEO CFO CFO 1-9 2024 Interim Report
Slide 22: CapMan
CapMat