Slide 1: Interim Report 1-3 2024
Growth in assets under management and good profitability 1–3 | 2024 Interim Pia Kåll Report 3 May 2024
Slide 2: Disclaimer
Disclaimer The following applies to this presentation, the related oral presentation by CapMan’s representative as well as the potential Q&A sessions. This presentation contains certain statements which are not historical facts including, among others, estimates of the overall economic developme
Slide 3: Highlights from the beginning of 2024
Highlights from the beginning of 2024 €5.7bn €3.5m Assets under management Carried interest Investments Sustainability 31.3.2024 Report published €110m 3 4 new capital raised after Q1 investments exits Growth III and Infra II Successful transactions Dasos acquisition final closings despite slower ma
Slide 4: We are today building the society we want to see in 2040
We are today building the society we want to see in 2040
Slide 5: CapMan's impact on the Nordic economies and societies is significant
CapMan’s impact on the Nordic economies and societies is significant Transitional Responsibly Human-centric portfolio managed Natural Real estate capital companies 221 € 2,9 bn 44 € 1,6 bn 240 000 ha € 0,7 bn properties AUM portfolio companies AUM land AUM 9 900 1,3 m m2 14 400 € 2,4 bn 1,5 mt CO2e
Slide 6: CapMan creates shareholder value through its management company and service business
CapMan creates shareholder value through its management company and service business, as well as, returns on balance sheet investments MANAGEMENT COMPANY AND SERVICE BUSINESS INVESTMENT BUSINESS PRIVATE PROCURE- INFRA- NATURAL REAL ESTATE EQUITY & WEALTH MENT STRUCTURE CAPITAL BALANCE SHEET CREDIT S
Slide 7: 1-3 2024 key financials
1-3 2024 key financials MANAGEMENT COMPANY AND SERVICE BUSINESS INVESTMENT BUSINESS Fee profit Carried interest Investment returns 1-3 2024 1-3 2024 Fair value change 1-3 2024 € 2.7m € 3.5m € 2.3m /+2% Fair value of investments Growth 1-3 2024 Growth 1-3 2024 31.3.2024 - € 0.2m /-8% + € 3.5m € 163m
Slide 8: Turnover and profitability development
Turnover and profitability development 8 CAGR as of Q1 2021
Slide 9: Balance sheet investment allocation
Balance sheet investment allocation Balance sheet investments 31.3.2024, €m Real Estate Cash € 49 million in cash, € 163 m in private asset funds 39 49 (18%) (23%) € 82 m remaining commitments into funds Other 2 (1%) € 212.8 m Well diversified portfolio between asset classes 56 and vintage years (26
Slide 10: Fair value changes of balance sheet investments
Fair value changes of balance sheet investments €m Fair value changes 2020 - 2023 €m Fair value changes 1-3 2024 vs. 1-3 2023 40 25.3 % 3 26.9 % 35 2 30 25 2,3 1.5% 1 20 Own funds: +€2.1m 33,9 36,5 External: –€4.5m 15 0 10 Own funds: +€1.5m 3.2 % -1 External: +€0.9m 5 -2,4 -1.4% 4,7 -3.4 % 0 -2 -6,1
Slide 11: EBIT growth driven by carried interest and fair value changes
EBIT growth driven by carried interest and fair value changes 1-3 2024 1-3 2023 comparable EBIT comparable EBIT € millions 8,6 2,3 6,2 3,5 2,9 0,0 Own -2,4 2,7 2,9 0,5 Fee profit Carried EBIT excl. FV changes Comparable Fee profit Carry EBIT excl. FV changes Comparable interest FV changes EBIT FV ch
Slide 12: CapMan maintains a solid balance sheet with good liquidity
CapMan maintains a solid balance sheet with good liquidity Equity Equity ratio €143,7m 50,1% Cash & bank Undrawn credit limit €49,3m €20,0m STRONG LIQUIDITY FINANCIAL STABILITY for investments and to to provide security in support growth of fee business all market situations
Slide 13: The global unlisted market became more challenging in 2023
The global unlisted market became more challenging in 2023 following several years of strong growth Distributions to fund investors were at Annually raised funds faced a steep AUM is still expected to grow, record lows following the slowdown of decline from the record levels of recent albeit at a sl
Slide 14: We continue to implement our growth strategy
We continue to implement our growth strategy Building on CapMan’s …enables growth of assets …and shareholder value competitive advantages… under management… creation 1. Deliver top investment 4. Preferred Nordic partner returns through active for institutional fund Fee profit growth value creation i
Slide 15: Successful new investments and exits despite slow transaction market
We have executed several successful new investments and exits despite the continued slow transaction market 3 investments 4 exits Nordic Real Estate III School property Nest Capital 2015 Two assets Office and Social Real Estate Nordic Property Income Residential property educational property In Apri
Slide 16: CapMan's Investments sustainability report 2023 is published in alignment with GRI
CapMan’s Investments sustainability report 2023 is published in alignment with GRI Nature- Strong and positive Human rights Accountability Climate action equitable operations throughout transparency based in businesses that safeguard our value and executive science with meaning- the planetary chain
Slide 17: CapMan's investor base continues to grow and internationalize
CapMan’s investor base continues to grow and internationalize AUM by geography AUM by investor type New capital raised 31.3.2024 31.3.2024 by geography 1-4 2024 1% 3% 3% 5% 8% 6% 10% 12% 33% 35% 10% 18% €5.7bn 51% ~440 LPs ~ €200m* 12% 26% 14% 19% 35% Nordics North America Other Pension funds Fund o
Slide 18: Successful final closings of flagship funds in infrastructure and private equity
Successful final closings of flagship funds in infrastructure and private equity CapMan Nordic Infrastructure II Growth Equity III Final close at €375m Final close at hard-cap €130m in April 2024 in April 2024 Double the size of Infrastructure I fund Fast fundraising process, reaching set hard-cap s
Slide 19: CapMan established Natural Capital as a new investment area
CapMan established Natural Capital as a new investment area early March with the completion of the Dasos Capital acquisition Investments in European natural capital, biological growth and climate change mitigation Supports CapMan’s sustainability ambition Important step towards € 714m +10 % targeted
Slide 20: Strong fundraising and completed acquisition drive growth in assets under management
Strong fundraising and completed acquisition drive growth in assets under management Assets under management, € billion Ongoing and planned fundraisings 2024-27, € million TARGET 11 € 10bn 1000 Target 2024-27 m€ 10 Raised m€ 9 750 8 7 € 5.7bn 500 6 5 375 4 € 3bn 3 130 2 1 Resi Hotels Social NPI Daso
Slide 21: CapMan's long-term financial objectives
CapMan’s long-term financial objectives Growth of the Return on equity Equity ratio Distribution policy Management Company and Services business* CapMan’s policy is to pay >15% >20% >50% sustainable distributions that grow over time Average annual growth objective 2019-2023 CAGR: 2019-2023 on averag
Slide 22: Outlook estimate for 2024
Outlook estimate for 2024 Provided 7 February 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 subs
Slide 23: Q&A
Q&A Pia Kåll Atte Rissanen CEO CFO
Slide 24: HELSINKI STOCKHOLM COPENHAGEN
HELSINKI STOCKHOLM COPENHAGEN OSLO LONDON LUXEMBOURG JYVÄSKYLÄ