Slide 1: Focus on real assets strengthened further
Focus on real assets strengthened further Pia Kåll | CEO 7 August 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: 1–6 2025 Half-Year Report
3 • • • • • • • 1–6 2025 Half-Year Report
Slide 4: Assets under management, Revenue, Comparable EBIT
4 Assets under management Revenue Comparable EBIT (excluding CAERUS) * * *) Continuing operations. CapMan has divested service business CaPS in the prior year and has classified it as a discontinued operation in the comparison period. 1–6 2025 Half-Year Report
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: Real Assets and PE & Wealth assets under management
6 REAL ASSETS € 4.9 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 7: Asset management and balance sheet investments
6 ASSET MANAGEMENT BALANCE SHEET INVESTMENTS PRIVATE REAL INFRA- NATURAL REAL ASSET EQUITY & ESTATE STRUCTURE CAPITAL DEBT BALANCE SHEET INVESTMENTS WEALTH PRIMARILY IN OWN FUNDS Support management company growth PLATFORM EXPERT SERVICES Large-cap processes for mid-cap investment strategies VALUE DR
Slide 8: Fee profit, carried interest and investment returns
8 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 1-6 2025 1-6 2025 Fair value change 1-6 2025 Change 1-6 2025 Change 1-6 2025 Fair value of investments 30 Jun 2025 G
Slide 9: Fee income and fee profit, continuing operations
9 FEE INCOME, CONTINUING OPERATIONS FEE PROFIT, CONTINUING OPERATIONS €m €m -1% 27.1 -24% 26.9 3.7 2.8 1-6 2024 1-6 2025 1-6 2024 1-6 2025 FEE PROFIT 14% 10% *Fee profit divided by fee income MARGIN* 1–6 2025 Half-Year Report
Slide 10: Balance sheet investments 30 June 2025
10 BALANCE SHEET INVESTMENTS 30 JUNE 2025, €M € 52 m in cash and other short-term financial assets, € 186 m in private asset funds Cash and other short-term Real estate financial assets 52 56 € 60 m remaining commitments into funds Other Well diversified portfolio between asset classes 6 and vintage
Slide 11: Fair value changes
11 FAIR VALUE CHANGES 2020-2024 FAIR VALUE CHANGES 1-6 2025 VS. 1-6 2024 €m €m 40 25.3 % 10 26.9 % 9 Own funds: €8.8m (6.4%) 35 External: €-1.2m (-3.1%) 30 8 25 7 20 6 33.9 36.5 Own funds: €5.5m (5.1%) 15 5 4.5 % External: €-1.9m (-3.8%) 10 4 3.2 % 7.6 +4.3% 5 3 -3.4 % 7.8 4.4 2 0 3.5 +2.2% -5 -6.1
Slide 12: Comparable EBIT 1-6 2025 vs 1-6 2024
12 1-6 2025 COMPARABLE EBIT 1-6 2024 COMPARABLE EBIT € millions € millions 7.6 10.6 3.5 11.0 3.8 7.5 0.2 3.7 3.0 2.8 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 -24% -95% -60% +230% -
Slide 13: Equity, equity ratio and liquidity
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 & other short-term Undrawn credit limit to provide security in all financial assets market situations 1–6 2025 Half
Slide 14: Capital raised and AUM in Europe focused funds
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: Scaling real asset investment strategies, launching new products and targeted acquisitions
15 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 16: Planned fundraisings and assets under management development
16 PLANNED FUNDRAISINGS AND ASSETS UNDER MANAGEMENT DEVELOPMENT Completed Ongoing or planned TARGET € 10 bn € 5.0 bn € 6.1 bn € 6.5 bn Additional growth from organic opportunities and acquisitions Nordic Infrastructure III CAERUS € 700 m European Forest Fund IV Nordic Real Estate IV target € 750 m N
Slide 17: H1 2025 new capital raised and AUM breakdown
17 During H1 2025 a total of € 500 million of new capital was raised, and net AUM grew with € 460 million AUM BY GEOGRAPHY (30 JUN 2025) AUM BY INVESTOR TYPE (30 JUN 2025) AUM BY STRATEGY (30 JUN 2025) 1% 9% 4% 7% 24% 8% 16% 41% 9% 53% 55% 10% 13% 21% 11% 18% Nordics Other Europe Other Pension funds
Slide 18: Platform investments 1-6 2025
18 PLATFORM INVESTMENTS 1-6 2025 INVESTMENT CAPACITY NRE III: Logistics development, Special Situations I: Nonna Group Gothenburg € 1.1 bn Investment 01/25 Investment 05/25 undeployed capital for new investments Hotels II: Midstar Fastigheter AB, Nest Nordic portfolio of 28 hotel properties Investme
Slide 19: CapMan material sustainability themes and results 2024
19 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 20: Financial objectives and distribution policy
20 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 1-6 2025: 30 June 2025: 30 June 2025: Total dividend distribution ** expected to be EUR 0.14 per sha
Slide 21: 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 22: CapMan
CapMan | ‘) CapMan nf _f
Slide 23: CapMan acquired 51 percent of CAERUS Debt Investment AG
23 In July 2025, CapMan Plc acquired 51 percent of CAERUS Debt Investment AG, with Michael Morgenroth, CEO of CAERUS retaining 49 per cent ownership With the transaction CapMan establishes Real Asset Debt as a new investment area that complements existing investment areas and further strengthens foc
Slide 24: CAERUS Debt Investment AG overview
24 • CAERUS Debt Investment AG is one of the leading providers for private real estate debt in Germany with some EUR 700 million of assets under management • Founded in 2012, CAERUS offers tailored real estate financing from funds to individual mandates, with an Founded Investment experts experience
Slide 25: The CAERUS team has long experience in the market
25 CORE INVESTMENT TEAM Michael Morgenroth Bernhard Berg Managing Partner & Managing Director & CAERUS CEO CAERUS COO The CAERUS team 30 years exp. 40 years exp. has long experience in the market, extensive international Peter Anthuber Matthias Thomas Business Development and networks and Managing D
Slide 26: The private real asset debt market is well established and growing
26 THE PRIVATE REAL ASSET DEBT MARKET IS WELL 88% OF INVESTORS ARE EXPECTED TO MAINTAIN OR ESTABLISHED AND GROWING INCREASE ALLOCATIONS TO THE ASSET CLASS GLOBAL NON-LISTED RE DEBT AUM (€BN) EXPECTED CHANGES IN ALLOCATIONS TO EUROPEAN 450 NON-LISTED RE DEBT 400 100% 0% 0% 0% 4% 7% 4% 5% 7% 12% 90% 3
Slide 27: Risk-adjusted returns, diversification, reliable income
27 Risk-adjusted Defensive investment in portfolio, downside protection through collateral with relatively ✓ returns significant equity cushion Low correlation with traditional asset classes like equities and government bonds, making it an ✓ Diversification effective tool for portfolio diversificati
Slide 28: Strategic rationale of the CAERUS partnership
28 Strengthens strategic focus on real assets, Retained independence in investment activities through establishment of new investment area and day-to-day operations Real Asset Debt Improved fundraising outlook through CAERUS team have a strong track record and cooperation with CapMan Fund Investor f
Slide 29: Asset management and balance sheet investments incl. CAERUS
29 ASSET MANAGEMENT BALANCE SHEET INVESTMENTS REAL ASSETS € 5.6 bn AUM PE € 1.6bn AUM PRIVATE REAL NATURAL REAL ASSET EQUITY & INFRA WEALTH ESTATE CAPITAL DEBT € 0.6bn AUM BALANCE SHEET INVESTMENTS € 3.6bn AUM € 0.7bn AUM € 0.7bn AUM € 1.6bn AUM PRIMARILY IN OWN FUNDS Support management company grow
Slide 30: Assets under management and strong strategic fit
30 ASSETS UNDER MANAGEMENT STRONG STRATEGIC FIT Growth TARGET opportunities € 5.0 bn € 6.1 bn € 6.5 bn € 10 bn Supports CapMan’s objective to reach € 10 billion Natural Capital AUM by adding € 700 million in a growing segment Infra Real Estate Aligned with strategy to Private Equity, CAERUS o Scale
Slide 31: Presenters
31 Pia Kåll Atte Rissanen Michael Morgenroth CEO CFO Atte Rissanen Managing Partner, CFO Real Asset Debt
Slide 32: CapMan
CapMat