Slide 1: 1–12 2025 Financial results
1–12| 2025 Financial results Record high fee income, fee profit and assets under management Pia Kåll | CEO 12 February 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 2025
3 Strong financial development in 2025 €7.2bn Assets under management €63.0m Revenue €25.8m Comparable EBIT +19% +9%* +36%* *) Continuing operations 1–12 2025 Financial results
Slide 4: Highlights of 2025 – strategic focus on real asset investments strengthened further
4 Highlights of 2025 – strategic focus on real asset investments strengthened further Hotels II acquisition ofMidstar Acquisition of CAERUS and Fastigheter’sportfolio establishment of Real Asset Debt • In March the fund acquired a portfolio of 28 hotel properties • In July 51% of CAERUS Debt Investm
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 the society as a responsible investor and owner focusing on real assets
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 € 0.6 bn AUM € 0.8 bn AUM € 0.6 bn AUM € 1.5
Slide 7: CapMan's value drivers are fee profit and carried interest from management 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: 1-12 2025 key financials
8 1-12 2025 key financials Continuing operations FEE PROFIT NET CARRIED INTEREST INVESTMENT RETURNS 1-12 2025 1-12 2025 Fair value change 1-12 2025 € 7.4m € 3.0m € 15.5m /+8.6% Change 1-12 2025 Change 1-12 2025 Fair value of investments 31 Dec 2025 +6% -32% € 179m Growth/last three years Average/las
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 11%, and €m +11% looking at the underlying recurring +6% fee income when excluding 2024 53.3 58.9 7.4 retroactive fees, the development 6.9 in line w
Slide 10: Balance sheet investment allocation
10 Balance sheet investment allocation BALANCE SHEET INVESTMENTS 31 DECEMBER 2025, €M € 65 m in cash and other short-term financial assets, Cash and other € 179 m in well diversified portfolio of private asset funds short-term Real estate financial assets 53 65 € 58 m remaining commitments into fund
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 2025 VS. 2024 €m €m 18 Own funds: €14.3m (10.2%) 40 25.3% External: €1.2m (3.0%) 16 35 26.9% 14 30 12 25 +8.6% 20 10 Own funds: €8.3m (6.9%) 33.9 36.5 8.6% External: €-0.5m (-1.0%) 15 8 15.5 10 4.5% 15
Slide 12: Fee profit growth and fair value changes contributed to EBIT
12 Fee profit growth and fair value changes contributed to EB 2025 COMPARABLE EBIT 2024 COMPARABLE EBIT € millions 15.5 25.8 € millions 7.8 19.0 4.3 11.2 3.0 10.3 7.4 6.9 Fee profit Net carried EBIT excl. FV FV changes Comparable EBIT Fee profit Net carried EBIT excl. FV FV changes Comparable EBIT i
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, €194.4m 57.6% 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 AUM in European focused real asset funds 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 have shortened during 2025 compared to the extended process times during the Natural resources Real estate Infrastructu
Slide 15: In 2025 we took significant steps in implementing CapMan's growth strategy
15 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 16: Strong AUM growth continued in 2025, and several fundraisings have launched or are being planned
16 AUM growth objective Strong AUM growth continued in 2025, and several fundraisings have launched or are being planned to reach strategic€objective 10 billionof AUM PLANNED FUNDRAISINGS AND ASSETS UNDER MANAGEMENT DEVELOPMENT Completed Ongoing or planned TARGET € 10 bn € 7.2 bn New organic opportu
Slide 17: CapMan's funds continue to attract international institutional investors
17 I nvestors ’ choice CapMan’s funds continue to attract international institutional 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) A
Slide 18: Majority of capital raised during 2025 is from new investors
18 I nvestors ’ choice Majority of capital raised during 2025 is from new investors NEW INVESTORS (2025) CROSS-SELLING (2025) RE-UP / TOP-UP INVESTORS (2025) 59% 21% 20% of total fundraising of total fundraising of total fundraising Sweden Germany Finland Denmark Netherlands Germany Finland Finland
Slide 19: Transaction activity returned to healthy levels – ten new investments in 2025
19 I nvestors ’ choice Transaction activity returned to healthy – ten levels new investments in 2025 PLATFORM INVESTMENTS 2025 € 1.1.bn dry powder end Q4 NRE III: Logistics development, Gothenburg NRE III: Residential development, Stockholm Investment 01/25 Investment 07/25 Hotels II: Midstar Fastig
Slide 20: Transaction activity returned to healthy levels – 15 exits in 2025
20 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 21: We bring sustainability work into practice to build financial value
21 S ustainable We bring sustainability work into practice to build financial val CAPMAN MATERIAL SUSTAINABILITY THEMES AND RESULTS 2025 Operations that Diverse, equitable and Climate action based in Human rights throughout Accountability and safeguard nature and the inclusive businesses that scienc
Slide 22: Sustainability work is recognised in GRESB benchmark with scores improving in all funds
22 S ustainable Sustainability work is recognised in GRESB international bench with scores improving in all funds in 2025 2022 2024 2025 Hotels II Nordic Property Income Mandate Residential Nordic Real Estate II Nordic Real Estate III Social Real Estate Nordic Infrastructure I* Nordic Infrastructure
Slide 23: We develop CapMan as the home for top performers in the industry
23 W inning team We develop CapMan as the home for top performers in the industry Employee Inclusion satisfaction Index 51 81 eNPS 2025 Index 2025 Target level 50 eNPS Target level 70 (49 eNPS 2024) (85 2024) 1–12 2025 Financial results
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 2025: 31 December 2025: 31 December 2025: Cap
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: CapMat
CapMat