Slide 1: Half-Year Report 1–6 2026
1–6| 2026 Half-Year Report Record capital intake and first closes in flagship funds Pia Kåll | CEO 6 August 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: Key milestones in growth strategy reached in H1
3 Key milestones in growth strategy reached in H1 20 Expansion into European First close in Nordic First close in Nordic infrastructure debt Real Estate IV fund Infrastructure III fund • Infrastructure debt for sovereignty • First close supported by • Fast fundraising with strong and climate transit
Slide 4: Strong financial development in H1 2026
4 Strong financial development in H1 2026 €7.7bn Assets under management €31.4m Revenue €10.0m Comparable EBIT +6% +16%* -5%* *) Continuing operations 1–6 2026 Half-Year Report
Slide 5: Record capital intake during H1
5 Record capital intake during – some Q2€ 500 million raised in total in H The raised capital will from Q3 onwards generate more than € 5 million in annual fee income AUM BY GEOGRAPHY (30 JUNE 2026) AUM BY INVESTOR TYPE (30 JUNE 2026) AUM BY STRATEGY (30 JUNE 2026) 5% 4% 5% 21% 18% 7% 7% 37% 47% ~20
Slide 6: 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 7: CapMan creates value for the society as a responsible investor and owner
7 CapMan creates value for the society as a responsi investor and owner focusing on the real assets mar REAL ASSETS € 6.1 bn ASSETS UNDER MANAGEMENT PE & WEALTH € 1.6 bn Real Estate Infra Natural CapitalReal Asset Debt Private Equity & Wealth €3.9 bn AUM €0.8 bn AUM €0.8 bn AUM €0.6 bn AUM €1.6 bn A
Slide 8: CapMan's value drivers are fee profit, carried interest and investment returns
6 CapMan’s value drivers are fee profit and carried interest from 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 FUNDS
Slide 9: 1-6 2026 key financials
9 1-6 2026 key financials Continuing operations FEE PROFIT NET CARRIED INTEREST INVESTMENT RETURNS 1-6 2026 1-6 2026 Fair value change 1-6 2026 € 3.6m € 0.3m € 6.2m /+3.4% Change 1-6 2026 Change 1-6 2026 Fair value of investments 30 Jun 2026 +28% +67% € 173m Growth/last three years Average/last thre
Slide 10: Fee income and fee profitability development
10 Fee income and fee profitability development FEE INCOME, CONTINUING OPERATIONS FEE PROFIT, CONTINUING OPERATIONS KEY TAKEWAYS €m • Fee income growth 16% and fee profit €m growth 28%, reflecting the scalability +16% +28% of the business 31.1 3.6 • Fee profit margin continued to improve 26.9 despit
Slide 11: Balance sheet investment allocation
11 Balance sheet investment allocation BALANCE SHEET INVESTMENTS 30 JUNE 2026, €M Private Equity € 51 m in cash and other short-term financial assets, € 173 m in Cash and other & Credit well diversified portfolio of private asset funds. short-term financial assets 51 53 € 69 m remaining commitments
Slide 12: Fair value changes of balance sheet investments
12 Fair value changes of balance sheet investments FAIR VALUE CHANGES 2021-2025 FAIR VALUE CHANGES 1-6 2026 VS. 1-6 2025 €m €m 10 40 Own funds: €8.8m (6.4%) 25.3% 9 26.9% External: €-1.2m (-3.1%) 35 8 Own funds: €6.6m (4.5%) 30 7 External: €-0.4m (-1.1%) 25 6 20 33.9 36.5 8.6% 5 15 +4.3% 4 10 4.5% +
Slide 13: Fee profit growth and fair value changes largest EBIT contributors
13 Fee profit growth and fair value changes largest EBIT contr 1-6 2026 COMPARABLE EBIT 1-6 2025 COMPARABLE EBIT € millions € millions 7.6 10.6 6.2 10.0 0.3 3.9 3.6 2.8 0.2 3.0 Fee profit Net carried EBIT excl. FV FV changes Comparable EBIT Fee profit Net carried EBIT excl. FV FV changes Comparable
Slide 14: CapMan maintains a solid balance sheet with good liquidity
14 CapMan maintains a solid balance sheet with good Equity Equity ratio STRONG LIQUIDITY to support growth of asset management business, €187.0m 58.5% decrease interest bearing debt, and deliver strong shareholder value creation Cash & other short-term financial assets Undrawn credit limit FINANCIAL
Slide 15: Market analyses estimate real asset fund AUM in Europe to grow double-digit
15 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 • The first part of 2026 continued to show indications of a positive turn in the alternative asset fundraising market Natural resources Rea
Slide 16: We continue to deliver on our growth strategy
16 We continue to deliver on our 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 that THE partner for LP’s Scalab
Slide 17: AUM growth objective to reach €10 billion by end of 2027
17 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 18: AUM growth drivers 2026–2027 per investment area
18 AUM growth drivers 2026 – 2027 per investment area • Nordic Real Estate IV first close held in June 2026, target size at final close € 750 m during 2027 REAL ESTATE • Specialised open-ended funds continue fundraising with good investor appetite, average capital raised (incl. mandates) during last
Slide 19: First closings in Real Estate and Infra flagship funds
19 First closings in Real Estate and Infra flagship funds NORDIC REAL ESTATE IV NORDIC INFRASTRUCTURE III • CapMan Nordic Real Estate IV, the fourth vehicle in • CapMan Nordic Infrastructure III, the third vehicle in CapMan Real Estate’s value-add fund series, held its CapMan Infra’s Nordic infrastr
Slide 20: High transaction activity in H1 2026
20 I nvestors ’ choice High transaction activity in H1 2026 PLATFORM INVESTMENTS 2026 EXITS 2026 Growth III: Kuntolat care services RE: Residential properties, Stockholm Infra I: Valokuitunen Investment 01/26 Investment 03/26 Exit 03/26 RE: Residential project, Copenhagen Growth III: CSE Simulation
Slide 21: Successful value creation and exit of Silmäasema from Growth fund II
21 I nvestors ’ choice Successful value creation and exit of Silmäasemafrom Growth fund II • In June 2026 Growth fund II signed the sale of Silmäasema, Finland’s leading vision and eye health company, to Terveystalo Plc and its subsidiary, Terveystalo Healthcare Oy • During CapMan Growth’s ownership
Slide 22: Building scalable operations through automation and technology
22 N imbleoperations Building scalable operations through systematic deployment o automation and technology SCALABLE OPERATIONS FEE PROFIT MARGIN* • Over 20 Nimble Operations development projects 14% 13% 13% completed during 2025, implementation continuing 2026 • Projects focused on: 12% 11% o Enabl
Slide 23: CapMan's sustainability work recognised in international benchmarks
CapMan’s sustainability work is recognised in inter benchmarks with continuously improving scores GRESB provides real asset benchmarks on ISS STOXX is a leading provider of ESG ratings, evaluating how individual assets and portfolios ESG performance, sustainability-related risks & opportunities are
Slide 24: Positioned for profitable growth
24 Positioned for profitable growth 2025 Q2 (LTM*) STRATEGIC TARGET 2027 AUM € 7.2 bn € 7.7 bn € 10 bn € 58.9 m € 63.1 m Fee income Grows in line with AUM (0.82% of AUM) (0.82% of AUM) Grows faster than fee income as € 7.4 m € 8.2 m business scales Fee profit (12.5% of fee income) (12.9% of fee inco
Slide 25: CapMan's long-term financial objectives
25 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 1-6 2026: 30 June 2026: 30 June 2026: Total d
Slide 26: 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 27: Q&A
27 Q&A Pia Kåll Atte Atte Rissanen Rissanen CEO CFO CFO
Slide 28: CapMan
CapMati