Capman Oyj Class B · OMXHEX:CAPMAN
Capman Oyj Class B — Shareholder Meeting (March 2026)
62 slides from Capman Oyj Class B's shareholder meeting presentation, Mar 25, 2026
Slide 1: Annual General Meeting 2026
Annual General Meeting 2026 25 March 2026
Slide 2: In memoriam Ari Tolppanen
In memoriam AriTolppanen 1953 -2026 CapMan’s founder, former CEO and Chairman of the Board
Slide 3: Performance 2025
Record high fee income, fee profit and assets under managem Performance 2025 AUM growth EPS* growth TSR Dividend yield +19% +115% +20% +6.2% Strong growth in 2025 despite the economic and geopolitical market uncertainty Good start to 2026 and several initiatives ongoing to continue positive developm
Slide 4: Agenda
Agenda 1. Opening of the General Meeting 2. Calling the General Meeting to order 3. Election of the persons to scrutinise the minutes and to supervise the counting of votes 4. Recording the legality of the General Meeting 5. Recording the attendance and adoption of the list of votes 6. Presentation
Slide 5: Agenda
Agenda 1. Opening of the General Meeting 2. Calling the General Meeting to order 3. Election of the persons to scrutinise the minutes and to supervise the counting of votes 4. Recording the legality of the General Meeting 5. Recording the attendance and adoption of the list of votes 6. Presentation
Slide 6: Agenda
Agenda 1. Opening of the General Meeting 2. Calling the General Meeting to order 3. Election of the persons to scrutinise the minutes and to supervise the counting of votes 4. Recording the legality of the General Meeting 5. Recording the attendance and adoption of the list of votes 6. Presentation
Slide 7: Agenda
Agenda 1. Opening of the General Meeting 2. Calling the General Meeting to order 3. Election of the persons to scrutinise the minutes and to supervise the counting of votes 4. Recording the legality of the General Meeting 5. Recording the attendance and adoption of the list of votes 6. Presentation
Slide 8: Agenda
Agenda 1. Opening of the General Meeting 2. Calling the General Meeting to order 3. Election of the persons to scrutinise the minutes and to supervise the counting of votes 4. Recording the legality of the General Meeting 5. Recording the attendance and adoption of the list of votes 6. Presentation
Slide 9: Agenda
Agenda 1. Opening of the General Meeting 2. Calling the General Meeting to order 3. Election of the persons to scrutinise the minutes and to supervise the counting of votes 4. Recording the legality of the General Meeting 5. Recording the attendance and adoption of the list of votes 6. Presentation
Slide 10: Annual General Meeting 2026 – CEO review
Annual General Meeting 2026 Pia Kåll | CEO 25 March 2026
Slide 11: 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 12: CapMan is a Nordic real asset focused investment firm
12 CapMan is a Nordic real asset focused investment firm 1989 ~29,000 R E A L E S T A T E I NF R A - S T R U C T U R E R E A L A S S E T Sweden CapMan Shareholders, listed D E B T Finland founded on Nasdaq Helsinki Jyväskylä NA T U R A L P R I V A T E C A P I T A L E Q U I T Y , W E A L T H Norway €
Slide 13: Partner for institutional investors seeking attractive returns
13 Partner for institutional investors seeking attractive returns in During 2025 net AUM grew with €1.1 billion to €7.2 billion A total of €900 million of new capital was raised, and in addition the acquisition of CAERUS added €600 million of AUM AUM BY GEOGRAPHY (31 DEC 2025) AUM BY INVESTOR TYPE (
Slide 14: 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 15: CapMan creates value for society as a responsible investor and owner
15 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 €0.6 bn AUM €0.8 bn AUM €0.6 bn AUM €1.5 bn
Slide 16: 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 17: CapMan is today a focused real asset specialist
17 After several structural moves CapMan is today a focused real specialist with strong solidity ACQUISITIONS AND DIVESTMENTS FEE INCOME SOURCES Fee income from asset management business (% of total) • Acquisition of CAERUS in 2025 Fee income from real asset investment strategies (% of total) and es
Slide 18: Highlights of 2025
18 Highlights of 2025 – strategic focus on real asset investments strengthened further Hotels II acquisition of Acquisition of CAERUS First close in Natural MidstarFastigheter’s and establishment of Capital European portfolio Real Asset Debt Forest Fund IV • In March the fund acquired a • In July 51
Slide 19: CapMan Hotels II acquisition of Midstar portfolio doubled the fund size
19 CapMan Hotels II acquisition of Fastigheter’s Midstar portfolio doubled the fund size 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 k
Slide 20: CapMan and CAERUS form a win-win partnership
20 CapMan and CAERUS form-win a win partnership In July 2025, CapMan acquired 51 percent of CAERUS Debt Investments, with Michael Morgenroth, CEO of CAERUS retaining 49 per cent ownership With the transaction CapMan established Real Asset Debt as a new investment area complementing existing areas an
Slide 21: Market analyses estimate real asset fund AUM to grow double-digit
21 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 have shortened during 2025 compared to the extended process times during the Natural resources Real estate Infrastructu
Slide 22: In 2025 we took significant steps in implementing growth strategy
22 In 2025 we took significants steps in implementing CapMan’s 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 th
Slide 23: We build a workplace where top performers thrive
23 W inning team We build a workplace where top performers in the industry thrive Employee Inclusion satisfaction Index 51 81 eNPS 2025 Index 2025 Target level 50 eNPS Target level 70 (49 eNPS 2024) (85 2024) Annual General Meeting 2026
Slide 24: Transaction activity returned to healthy levels – ten new investments
24 I nvestors ’ choice Transaction activity returned to healthy – ten levels new investments in 2025 PLATFORM INVESTMENTS 2025 € 1.1.bn undeployed capital end Q4 NRE III: Logistics development, Gothenburg NRE III: Residential development, Stockholm Investment 01/25 Investment 07/25 Hotels II: Midsta
Slide 25: Transaction activity returned to healthy levels – 15 exits in 2025
25 I nvestors ’ choice Transaction activity returned to healthy – 15levels exits in 2025 EXITS 2025 90% of funds in value creation phase above hurdle Buyout XI: MM Sports Kokoelmakeskus: Dasos Timberland II: Exit 07/25 Logistics centre, Vantaa Latvia portfolio Exit 10/25 Exit 12/25 Buyout XI: Pharmi
Slide 26: A great start to the year 2026 with several new transactions
26 I nvestors ’ choice A great start to the year 2026 with several new transactions PLATFORM INVESTMENTS 2026 EXITS 2026 Real Estate: Residential project, Copenhagen Infra I: Valokuitunen Investment 02/26 Exit 03/26 Social Real Estate: Police Headquarters, Kristiansand Investment 02/26 Growth III: K
Slide 27: Building scalable operations through automation and technology
27 N imbleoperations Building scalable operations through systematic deployment o automation and technology • Over 20 Nimble Scalable revenue growth Operations strategic • Improved investment insight, data availability development projects and manual process replacement run during 2025 • Scalable, c
Slide 28: Sustainability work recognised in international benchmarks
28 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 29: AUM growth and objective to reach €10 billion by end of 2027
29 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 30: Fee income and profit
30 Growth in key financial metrics and notable uplift in fee profit FEE INCOME HAS GROWN IN LINE WITH AUM, WHILE FEE PROFIT HAS GROWN FASTER AS OPERATIONS HAVE SCALED ACCELERATED GROWTH AND SCALABILITY 2023-2025 AUM Average annual Average annual Fee income, continuing operations 58.9 2020-25 2023-25
Slide 31: Strong financial development in 2025
31 Strong financial development in 2025 € 7.2 bn € 63.0 m € 25.8 m Assets under management Revenue Comparable EBIT +19% +9%* +36%* *) Continuing operations Annual General Meeting 2026
Slide 32: CapMan maintains a solid balance sheet
32 CapMan maintains a solid balance sheet with good Equity Equity ratio STRONG LIQUIDITY to support growth of asset management business, €194.4 m 57.6% decrease interest bearing debt, and deliver strong shareholder value creation Cash & other short-term financial assets Undrawn credit limit FINANCIA
Slide 33: Positioned for profitable growth
33 Positioned for profitable growth 2025 STRATEGIC TARGET 2027 AUM €7.2 bn €10 bn Fee income €59 m (0.8% of AUM) Grows in line with AUM Fee profit €7.4 m (12% of fee income) Grows faster than fee income as business scales Net carried €4 m (23-25 average) Grows in line with AUM in closed-end funds in
Slide 34: CapMan's long-term financial objectives
34 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 grow over time Average annual growth objective 2025: 31 December 2025: 31 December 2025: Cap
Slide 35: CapMan for Good Foundation
35 CapMan for Good Foundation The CapMan for Good Foundation (since 2019) is committed to driving positive social change by creating opportunities for people at risk of marginalization. 1 day a year Through the support of CapMan employees—who contribute with their time and expertise we help drive po
Slide 36: CapMan has supported Tukikummit Foundation since 2014
36 CapMan has supported Tukikummit the Foundation since 2014 Tukikummit impact in Finland • 23,000 children have received concrete support across Finland 23,000 children through Tukikummit’s work between 2007–2025. supported • Over €8 million granted in financial aid to enable children’s hobbies and
Slide 37: Slide 37
Slide 38: CapMan Plc Audit 2025
CapMan Plc Audit 2025 25.3.2026
Slide 39: Audit scope
Audit scope We have audited the financial statements of CapMan Plc for the year ended 31.12.2025. The Group financial statements are prepared in accordance with IFRS Accounting Standards and the parent company in accordance with Finnish accounting standards. 39
Slide 40: Audit timing and reporting
Audit timing and reporting - Year-end audit January – February 2026 The audit of CapMan Plc for the - Audit planning financial year 2025 has been performed March – April 2025 during March 2025 – February 2026. Reporting to the Audit and Risk - Meetings Committee includes Audit and Risk Committee • A
Slide 41: Key audit matters
Key audit matters Valuation of non-liquid investments Areas reported to the Audit and Risk The Group’s investment portfolio 31.12.2025 amounts to 178,6 million euros. The investment portfolio Committee includes mainly investments to funds managed by CapMan group companies. Determination of the fair
Slide 42: Auditor's opinion
Auditor’s opinion In our opinion Both the consolidated and the parent • the consolidated financial statements give a true and fair view financial statements give a true and fair of the group’s financial position, financial performance and view of the financial position as well as cash flows in accor
Slide 43: Agenda: Adoption of the Financial Statements
Agenda 7. Adoption of the Financial Statements
Slide 44: Agenda: Use of profit and payment of dividend
Agenda 8. Resolution on the use of the profit shown on the balance sheet and the payment of dividend According to the Financial Statements for the financial year ended 31 December 2025, CapMan’s distributable funds amounted to approximately EUR 85.2 million. The Board of Directors’ resolution propos
Slide 45: Agenda: Discharge from liability
Agenda 9. Resolution on the discharge of the members of the Company’s Board of Directors and the CEO from liability
Slide 46: Agenda: Remuneration Report
Agenda 10. Presentation and advisory resolution on the adoption of the Company’s Remuneration Report
Slide 47: CapMan Plc remuneration report 2025
CapMan Plc remuneration report 2025 Monthly fees and meeting fees paid to the Board members in 2025: Board member Board Service 2025 Board fee 2025, € Meeting fees 2025, € Other Total compensation in Remuneration 2025, € 2025, € Bygge Johan 1 Jan – 31 Dec 41,250 5,200 0 46,450 Fagerholm Catarina 1 J
Slide 48: CapMan Plc remuneration report 2025
CapMan Plc remuneration report 2025 Remuneration and other financial benefits paid to the CEO in 2025: Name Fixed annual salary, € Annual bonus, € Shares, € Supplementary pension, € Kåll Pia 440,201 0 0 42,000
Slide 49: Agenda: Remuneration Report
Agenda 10. Presentation and advisory resolution on the adoption of the Company’s Remuneration Report
Slide 50: Composition and proposals of Shareholders' Nomination Board
Composition and proposals of Shareholders’ Nomination Board Composition of CapMan’s Shareholders’ Nomination Board: • Stefan Björkman, representing Silvertärnan Ab, • Olli Haltia, representing Hozainum Partners Oy, • Rami Vehmas, representing Ilmarinen Mutual Pension Insurance Company, and • Peter I
Slide 51: Nomination Board's proposal for the Board of Directors
Shareholders’ Nomination Board’s proposal for the composition of the Board of Directors The Shareholders’ Nomination Board proposes to the General Meeting that the following persons be re-elected as members of the Board of Directors for a term of office ending at the end of the next Annual General M
Slide 52: Agenda: Remuneration of Board members
Agenda 11. Resolution on the remuneration of the members of the Company’s Board of Directors The Shareholders’ Nomination Board proposes to the General Meeting that the monthly fees payable to the Board members in cash for the term ending at the end of the next Annual General Meeting are as follows:
Slide 53: Agenda: Number of Board members
Agenda 12. Resolution on the number of members of the Company’s Board of Directors The Shareholders’ Nomination Board proposes to the General Meeting that the number of members of the Board of Directors of the Company shall be six (6). However, should any number of the candidates proposed by the Sha
Slide 54: Agenda: Election of Board members
Agenda 13. Election of members of the Company’s Board of Directors The Shareholders’ Nomination Board proposes to the General Meeting that the following persons be re-elected as members of the Board of Directors for a term of office ending at the end of the next Annual General Meeting: Johan Bygge,
Slide 55: Agenda: Remuneration of the Auditor
Agenda 14. Resolution on the remuneration of the Auditor and the Sustainability Reporting Assurance Provider Based on the recommendation of the Audit and Risk Committee of the Board of Directors, the Board of Directors proposes to the General Meeting that the remuneration to the auditor to be electe
Slide 56: Agenda: Election of the Auditor
Agenda 15. Election of the Auditor and the Sustainability Reporting Assurance Provider Based on the recommendation of the Audit and Risk Committee of the Board of Directors, the Board of Directors proposes to the General Meeting that Ernst & Young Oy, authorised public accountant firm, be re-elected
Slide 57: Agenda: Amendment of Nomination Board Charter
Agenda 16. Amendment of the Charter of the Shareholders’ Nomination Board The Shareholders’ Nomination Board proposes amendments to the Charter of the Shareholders’ Nomination Board. The Shareholders’ Nomination Board proposes amendments to the timing of annual formation of the Nomination Board, to
Slide 58: Agenda: Authorising share repurchase
Agenda 17. Authorising the Company’s Board of Directors to decide on the repurchase and/or on the acceptance as pledge of the Company’s own shares The Board of Directors proposes to the General Meeting that the Board of Directors be authorised to decide on the repurchase and/or on the acceptance as
Slide 59: Agenda: Authorising share issuance
Agenda 18. Authorising the Company’s Board of Directors to decide on the issuance of shares as well as the issuance of special rights entitling to shares The Board of Directors proposes to the General Meeting that the Board of Directors be authorised to decide on the issuance of shares and special r
Slide 60: Agenda: Authorising charitable contributions
Agenda 19. Authorising the Company’s Board of Directors to decide on charitable contributions The Board of Directors proposes to the General Meeting that the Board be authorised to decide on contributions in the total maximum amount of EUR 50,000 for charitable or similar purposes, and to decide on
Slide 61: Agenda: Closing of the General Meeting
Agenda 20. Closing of the General Meeting
Slide 62: CapMan
CapMatt