Slide 1: Capital Markets Day 2025
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Slide 2: Confidentiality and 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: Agenda
13:00 Welcome – Charlotte Wessman, Communications Director 13:05 Positioned for profitable growth – Pia Kåll, CEO 13:30 Q&A 13:45 Real Estate – Mika Matikainen, Managing Partner 14:05 Infra – Ville Poukka, Managing Partner 14:25 Natural Capital – Tapani Pahkasalo, Co-Managing Partner 14:45 Q&A 15:00
Slide 4: Capital Markets Day 2025 – Pia Kåll, CEO
Capital Markets Day 2025 Pia Kåll, CEO 11 March 2025
Slide 5: Our vision: most responsible private assets company in the Nordics
Our vision is to become the most responsible private assets company in the Nordics.
Slide 6: Assets under management by investment area
6 REAL ASSETS € 4.5 bn ASSETS UNDER MANAGEMENT OTHER € 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 advisory fo
Slide 7: Asset management and balance sheet investments
6 ASSET MANAGEMENT BALANCE SHEET INVESTMENTS REAL INFRA- NATURAL PRIVATE EQUITY ESTATE STRUCTURE CAPITAL & WEALTH BALANCE SHEET INVESTMENTS PRIMARILY IN OWN FUNDS Support management company growth PLATFORM EXPERT SERVICES Large-cap processes for mid-cap investment strategies VALUE DRIVERS FEE PROFIT
Slide 8: Fund life cycle
8 1. FUNDRAISING 2. INVESTMENT PHASE • Capital commitments are raised from • Investments into 10-20 unlisted assets in institutional investors to establish a new fund line with the fund’s investment strategy with a specific investment focus • The fund investment period is typically • Fundraising tim
Slide 9: AUM by investor geography, type and investment area
9 AUM BY INVESTOR GEOGRAPHY (31.12.2024) AUM BY INVESTOR TYPE (31.12.2024) AUM BY INVESTMENT AREA (31.12.2024) North Other CapMan America Foundations Private Equity, Pension Wealth Real Nordics Estate Other funds Europe Fund of funds Private institutional LPs outside of Investment Nordics companies
Slide 10: Capital raised 2024: €570 million
10 CAPITAL RAISED 1-12 2024 €570 MILLION BY GEOGRAPHY BY INVESTOR TYPE BY INVESTMENT AREA Re-up investors New investors Invested in to CapMan Private Equity, previous vintage Wealth Nordics Real DACH Estate institutional LPs outside of cross-sell or Nordics new investors private wealth North Natural
Slide 11: Several structural moves completed
11 SEVERAL STRUCTURAL CONTINUOUSLY INVESTING FOCUS ON SUSTAINABILITY MOVES COMPLETED IN PEOPLE AND TECH AND PERFORMANCE Creating a real asset Building a scalable Generating strong fund focused investment firm business where the best returns through active with strong solidity experts thrive asset ma
Slide 12: Acquisitions and divestments to create a real asset specialist
12 ACQUISITION AND DIVESTMENTS TO CREATE A SHARE OF FEE INCOME FROM ASSET MANAGEMENT BUSINESS AND FROM REAL REAL ASSET SPECIALIST WITH STRONG SOLIDITY ASSET INVESTMENT STRATEGIES • Acquisition of Dasos Capital with directed share issue in March 2024 and 100% establishment of CapMan Natural Capital,
Slide 13: Capital raised and AUM in Europe focused funds
13 CAPITAL RAISED FOR EUROPE FOCUSED FUNDS, $BN ASSETS UNDER MANAGEMENT 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 2010 2011 2012 2013 2014 2015 2016 2017 20
Slide 14: Nordic offices and professionals
14 REAL investment and asset Sweden ESTATE management professionals Finland Jyväskylä PRIVATE Investment and client EQUITY, WEALTH professionals Norway INFRA- investment and asset STRUCTURE management professionals Oslo Helsinki Stockholm PLATFORM experts and support NATURAL investment professionals
Slide 15: Recruiting, developing and retaining the best professionals
15 RECRUITING, DEVELOPING AND RETAINING WE BUILD A WORKPLACE WHERE …AND AN EFFECTIVE, SCALABLE THE BEST PROFESSIONALS IN THE INDUSTRY TOP PERFORMERS THRIVE… BUSINESS WITH STRONG PROFITABILITY Investment LP relations Platform experts Personnel growth professionals Employee satisfaction AUM growth 27%
Slide 16: CapMan material sustainability themes
16 CAPMAN MATERIAL SUSTAINABILITY THEMES 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 Near-term Science Ba
Slide 17: GRESB ratings by fund
2022 2024 Hotels II Nordic Property Income Mandate Residential Nordic Real Estate II GRESB (Global Real Estate Nordic Real Estate III Sustainability Benchmark) provides real asset benchmarks on individual assets and portfolios ESG performance, aligned with the Nordic Infrastructure I* Sustainable De
Slide 18: Significant investment capacity and strong fund performance
18 SIGNIFICANT INVESTMENT CAPACITY ACROSS STRONG FUND PERFORMANCE SETS THE INVESTMENT AREAS MAKES IS POSSIBLE TO CAPTURE FOUNDATION FOR SUCCESSFUL FUTURE FUNDRAISINGS ATTRACTIVE MARKET OPPORTUNITIES AND GROWING CARRIED INTEREST POTENTIAL undeployed capital of funds in value creation phase are for ne
Slide 19: Funds by phase and investment area
19 TOTAL FUND PHASE REAL ESTATE INFRASTRUCTURE NATURAL CAPITAL PRIVATE EQUITY AUM Nordic Real Estate (2013) Nordic Infrastructure I Timberland Fund II (2013) Buyout X (2013) Value creation Kokoelmakeskus (2016) (2018) Nest (2015) and exit Nordic Real Estate II (2017) Growth (2017) € 1.3 bn (closed e
Slide 20: Fee income and profit growth
20 FEE INCOME HAS GROWN IN LINE WITH AUM, WHILE FEE PROFIT HAS GROWN FASTER AS OPERATIONS HAVE SCALED ACCELERATED GROWTH AND SCALABILITY IN 2024 AUM Average annual Growth Fee income, continuing operations 2020-24 2023-24 Fee profit, continuing operations 53.3 Fee income and profit, € million 49.3 AU
Slide 21: Assets under management growth outlook
21 ASSETS UNDER MANAGEMENT GROWTH OUTLOOK Growth TARGET Growth Identified organic and acquisition- opportunities € 5.0 bn € 6.1 bn € 10 bn opportunities based opportunities to expand Natural Capital Infra Natural Capital Proven strategy with room to scale, Real Estate next growth step from European
Slide 22: Planned fundraisings and AUM development
22 PLANNED FUNDRAISINGS AND ASSETS UNDER MANAGEMENT DEVELOPMENT TARGET € 10 bn € 5.0 bn € 6.1 bn Additional growth from organic opportunities and acquisitions Nordic Infrastructure III European Forest Fund IV Nordic Real Estate IV target € 750 m Natural Capital € 700 m Hotels II Infra II € 375 m Mid
Slide 23: CapMan Hotels II acquires Midstar portfolio
23 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 keys) the largest transactions of its kind in the region Finlan The transaction doubles
Slide 24: Sources of fee profit growth 2024–2027
24 SOURCES OF FEE PROFIT GROWTH 2024 – 2027 3 Scalable operations 2 Growth Fee profit margin opportunities improvement from scaling operations 1 Strategic plan Ongoing organic 2027 Flagship and inorganic fundraisings projects Real Estate, Natural Capital and Infra flagship Starting point funds, RE o
Slide 25: Strategic priorities
25 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 broadening operations. Commercially financial value creation. performers thrive. and deepenin
Slide 26: Strategic targets 2027
26 2024 STRATEGIC TARGET 2027 AUM € 6.1 bn € 10 bn Fee income € 53 m (0.9% of AUM) Grows in line with AUM Fee profit € 7 m (13% of fee income) Grows faster than fee income as business scales Carried interest € 6 m (22-24 average) Grows in line with AUM in closed-end funds p.a. NAV € 161 m* Average r
Slide 27: Financial objectives and distribution policy
27 GROWTH OF MANAGEMENT COMPANY AND SERVICE RETURN ON EQUITY EQUITY RATIO DISTRIBUTION POLICY BUSINESS* CapMan’s policy is to pay sustainable distributions that grow over time Average annual growth objective 2024: 31.12 2024: 31.12 2024: CapMan’s Board of Directors expects the overall dividend distr
Slide 28: Several structural moves completed
28 SEVERAL STRUCTURAL CONTINUOUSLY INVESTING FOCUS ON SUSTAINABILITY MOVES COMPLETED IN PEOPLE AND TECH AND PERFORMANCE Creating a real asset Building a scalable Generating strong fund focused investment firm business where the best returns through active with strong solidity experts thrive asset ma
Slide 29: CapMati
CapMati
Slide 30: Capital Markets Day 2025 – Mika Matikainen, CapMan Real Estate
Capital Markets Day 2025 Mika Matikainen, Managing Partner, CapMan Real Estate 11 March 2025
Slide 31: Real estate investments since 2005
31 INVESTMENTS IN VALUE-ADD AND INCOME PROPERTIES WITH FOCUS ON SUSTAINABILITY REAL ESTATE INVESTMENTS SINCE 2005 Nordic entry of equity raised Helsinki of capital from Stockholm outside the Nordics Oslo Copenhagen Employees in 6 offices Local office network CapMan Capital Markets Day 2025
Slide 32: Nordic Real Estate value-add funds and other funds
32 VALUE-ADD FUNDS NRE IV Nordic Real Estate NRE I NRE II NRE III € 750 m Closed-end, value-add (2013) (2017) (2020) Target OTHER FUNDS AND MANDATES Residential Mandate CMRF Open-end / mandate, core (2016) (2021) Nordic Property Income CMNPI Open-end, core+ (2017) Hotels CMH II Open-end, core+ (2019
Slide 33: Focus on liquid sectors and markets
33 FOCUS ON LIQUID SECTORS AND TOP-DOWN FINANCIAL AND OPERATIONAL LEVERAGE MARKETS • Moderate leverage to diversify portfolio and • Largest Nordic cities with highest liquidity and enhance returns Sectors economic growth • Debt ring-fenced at asset level and macro • Deep knowledge of local submarket
Slide 34: Special situations, logistics, living and mega trends
34 SPECIAL SITUATIONS LIVING • Market dislocation • Continuing urbanisation and changing • Re-financing and liquidity issues demographics • Over-committed/distressed • Increased supply/demand imbalance developers and forced sellers driven by insufficient development activity • Providing liquidity so
Slide 35: Nordic transaction volumes and values
35 UPTICK IN NORDIC TRANSACTION VOLUMES NORDIC REAL ESTATE VALUES STABILISING (PRIME YIELD) 80,000 Nordics have consistently 20.0 % 7.0 % experienced the third highest 70,000 transaction volume in Europe1 17.5 % 6.0 % 60,000 15.0 % 5.0 % 50,000 12.5 % € Million 4.0 % 40,000 10.0 % 30,000 7.5 % 3.0 %
Slide 36: Total property return vs. risk and forecast
36 TOTAL PROPERTY RETURN VS. RISK ALL-PROPERTY TOTAL RETURN FORECAST BY CURRENCY (2003–2022) (2024-2028, % P.A.) 12 COUNTRY EUR USD SWEDEN 8.7 9.9 10 NORWAY 8.5 9.7 Standard deviation (risk) 8 FINLAND 7.0 8.2 6 UK 6.7 7.9 DENMARK1 6.4 7.5 4 Spain 6.2 7.4 2 Europe 6.1 7.3 0 Germany 5.2 6.4 0 2 4 6 8
Slide 37: European fund commitments by investor origin
37 EUROPEAN FUND COMMITMENTS BY INVESTOR ORIGIN 45 40 35 30 € billion 25 20 15 10 5 0 2020 2021 2022 2023 2024 2025F Asia Pacific Europe North America Source: INREV Investment Intentions 2025 CapMan Capital Markets Day 2025
Slide 38: Human-centric real estate with net-positive environmental impact
38 HUMAN-CENTRIC REAL ESTATE WITH A NET-POSITIVE ENVIRONMENTAL IMPACT VALUE-ADD FUNDS GRESB STARS (2024) CMNRE II REAL ESTATE WITH A NET-POSITIE HUMAN-CENTRIC TRANSPARENCY AND CMNRE III ENVIRONMENTAL REAL ESTATE ACCOUNTABILITY IMPACT INCOME FUNDS GRESB STARS (2024) CMRF GHG emissions intensity of of
Slide 39: ESG investments improve equity returns
39 RENTAL Rental premium Tenant demand – – better rental quicker lease-up INCOME growth / lower vacancy NOI growth* Reduced costs Lower tenant on energy, water, turnover = less OPEX waste or maintenance CAPEX maintenance costs Investments IMPROVED in property improvements EQUITY Not at risk to Lower
Slide 40: Nordic Real Estate funds and potential new funds
40 VALUE-ADD FUNDS NRE IV Nordic Real Estate NRE I NRE II NRE III € 750 m Closed-end, value-add (2013) (2017) (2020) Target OTHER FUNDS AND MANDATES Residential Mandate CMRF Open-end / mandate, core (2016) (2021) Nordic Property Income CMNPI Open-end, core+ (2017) Hotels CMH II Open-end, core+ (2019
Slide 41: CapMan Hotels II
2x CapMan Hotels II
Slide 42: Hotels II portfolio across Nordic countries
42 Tromsø • Instant scale across all Nordic countries with more than 65% of market value in metropolitan cities. Finland • Building on a well-performing hotel portfolio of 26 hotels in Finland by acquiring a portfolio of 28 hotels in Sweden (16), Denmark (4) and Sweden Norway (8) with strong fundame
Slide 43: Real estate markets bottoming out
43 Real estate markets bottoming out and valuations stabilising providing an attractive entry point to deploy capital Nordics well positioned in global comparison and within Europe supporting rebounding investor appetite Strong pipeline of opportunities across public sector properties, living, and l
Slide 44: CapMati
CapMati
Slide 45: Capital Markets Day 2025 – Ville Poukka, CapMan Infra
Capital Markets Day 2025 Ville Poukka, Managing Partner, CapMan Infra 11 March 2025
Slide 46: Nordic infrastructure specialist with unique position
46 NORDIC INFRASTRUCTURE SPECIALIST WITH UNIQUE POSITION Strong fundamentals for infrastructure investments in the Nordics Regional lower mid-market infrastructure manager • Active and fragmented infrastructure markets • Underpinned by CapMan’s track of over 35 year investing in the Nordics • Energy
Slide 47: AUM expansion and transaction activity
47 SIGNIFICANT AUM EXPANSION AND ROBUST TRANSACTION ACTIVITY DURING THE PAST YEARS AUM IN EUROPE FOCUSED INFRASTRUCTURE PRIVATE CAPITAL1 EUROPEAN INFRASTRUCTURE CLOSED DEALS $bn €bn Count 650 450 2,000 520 360 1,600 390 270 1,200 260 180 800 130 90 400 0 0 0 2000 2004 2008 2012 2016 2020 2024 2000 2
Slide 48: Infrastructure offers stable, predictable returns
48 INFRASTRUCTURE INVESTMENTS OFFER STABLE, WELL-PREDICTABLE RETURNS INFRASTRUCTURE CHARACTERISTICS UNDERLYING MEGA TRENDS Inflation protection Infrastructure assets offer protection against the higher inflation environment experienced recently ENERGY TRANSITION ELECTRIFICATION Ongoing transition to
Slide 49: Sectors and strategy
49 SECTORS STRATEGY Energy & utilities Value creation District heating Electricity Networks Gas Infrastructure Local owner and active developer with in-house asset Renewables Power Generation Industrial Infrastructure management expertise Flexible strategy Transportation Flexible solution-or
Slide 50: CapMan Infra's competitive advantages
50 CAPMAN INFRA’S COMPETITIVE ADVANTAGES LESS COMPETITION IN THE NORDIC MID-CAP SPACE Entrepreneurial and committed team with extensive track record in 1 infrastructure investment, M&A and sector operational management Core + / ++ roles Risk / return requirement Global value add 2 Proprietary deal f
Slide 51: Diversified portfolio of sustainable infrastructure assets
51 DIVERSIFIED PORTFOLIO OF SUSTAINABLE INFRASTRUCTURE ASSETS ACROSS THE NORDIC COUNTRIES FUND I (€ 190 M) FUND II (€ 375 M – ACTIVELY INVESTING) Valokuitunen Napier 60% Stake | Apr-2020 | Telecom 90% Stake | Feb-2023 | Transport Fiber-to-the-home joint venture with Telia, rolling Provides critical
Slide 52: Active asset management with local team
52 ACTIVE ASSET MANAGEMENT WITH LOCAL TEAM ON THE GROUND FOCUSING ON SUSTAINABLE VALUE CREATION FOCUS AREAS AND EXAMPLES OF ACTIONS Strengthen the platform Grow the business • New talent recruited in all of the Fund I and • Drive growth through new investments both Fund II assets organically but als
Slide 53: Sustainability in value creation strategy
53 SUSTAINABILITY IS AN INTEGRATED PART OF CAPMAN INFRA’S VALUE CREATION STRATEGY CAPMAN INFRA’S COMMITMENT TO SUSTAINABILITY STRONG PERFORMANCE IN GRESB® Decarbonisation of Decarbonisation of Development of public transport heating infrastructure renewable energy CMNI I CMNI II CMNI II performance
Slide 54: Valokuitunen: leading Finnish fiber provider
54 VALOKUITUNEN HAS SUCCESSFULLY GROWN INTO THE LEADING FINNISH FIBER PROVIDER INVESTMENT RATIONALE KEY FIGURES (€ M) FIBER IS THE FUTURE-PROOF TECHNOLOGY 25 100 122 for meeting unprecedented growth in data consumption, including providing the 91 15 15 backbone to any wireless solutions (like 5G) 50
Slide 55: Next steps: Fund I realisation, Fund II, Fund III
1 2 3 VALUE CRYSTALLISATION FURTHER INVESTMENTS LAUNCH OF FUND III OF FUND I IN FUND II Prepare to launch Fund III, taking our Enter the realisation phase of Fund I Continue the strong deployment phase investment capabilities to the next with a portfolio of successful, high- in Fund II while focusin
Slide 56: CapMati
CapMati
Slide 57: Capital Markets Day 2025 – Tapani Pahkasalo, CapMan Natural Capital
Capital Markets Day 2025 Tapani Pahkasalo, Co-Managing Partner, CapMan Natural Capital 11 March 2025
Slide 58: NAV development and key milestones
58 CapMan Natural Capital (2024) Dasos Sustainable Forest and Wood III (2021) Dasos Habitat Fund (2019) Dasos LT The Foraois Limited Partnership Partnership (2016) (2018) Dasos FS Partnership (2015) Dasos Timberland Dasos Timberland Fund II (2013) Fund I (2009) 2009 2010 2011 2012 2013 2014 2015 201
Slide 59: European pioneer in forest investing
59 EUROPEAN PIONEER IN FOREST INVESTING ~240,000 ha ~5 GW € 1.5 bn Land area under management Wind and solar power portfolio (portfolio NAV) Pipeline includes areas for +200 wind Investments in 8 EU-countries turbines and +3,000 ha for solar power +800 7 >10% Transactions in Funds and co-investment
Slide 60: Diversification, inflation hedge, stable return profile
60 DIVERSIFICATION - LOW CORRELATION INFLATION HEDGE STABLE RETURN PROFILE • Forest investment returns have low • Wood prices have increased above • Forest investment returns are correlation to other private assets. inflation (=real price increase) on the comparable to equities in the long long term
Slide 61: Stable returns in high quality European forestry markets
61 STABLE AND SOLID RETURNS IN EUROPE HIGH QUALITY EUROPEAN MARKETS DIVERSE FORESTRY MARKETS IN EUROPE • European forest investments have • Europe has competitive forest • European forest property markets provided good risk-adjusted returns, products industries, with high share are diverse, offering
Slide 62: Value creation actions
62 VALUE CREATION ACTIONS DESCRIPTION 1. Biological growth Diversification through species, age and geography 2. Wood price change Long term sales agreements, tactical wood sales 3. Forest land price change Proprietary deal sourcing, pricing inefficiencies, opportunistic sales 4. Forest management M
Slide 63: Investment approach, economies of scale and exit
63 INVESTMENT APPROACH ECONOMIES OF SCALE EXIT • Acquire asset from fragmented markets, • Lower unit cost of operation • Not all players can implement buy & create entirely new forest asset portfolios build strategies effectively • Volume discounts in harvesting and • Deep local knowledge and contac
Slide 64: Portfolio company value creation example
Company divested 45 non-core assets between 2020 and 2024 with yearly average money 30,000 Service agreement on forest management activities multiples ranging from 1.7x to 4.8x with one of the largest service providers on the market – cost cuttings, better quality and quality control than historical
Slide 65: Potential to release additional value
65 POTENTIAL TO RELEASE ADDITIONAL FOREST AREA WITH A VALUE OF SALE OF 23 HOLIDAY SITES WITH VALUE BY VARIOUS ACTIONS € 0.3 MILLION € 2.1 MILLION (MULTIPLE 7X) • Large forest portfolios have typically wood production as the only/main revenue stream. • Highest and best use options may not be exploite
Slide 66: ESG in natural capital investing
66 • Carbon calculation and reporting • Sustainable Development Goal (SDG) reporting • Sustainability-related disclosure in the financial (SFDR) reporting, Article 8 and 9 funds • Concrete action on the portfolio company level ESG matters are considered from the deal identification and due-diligence
Slide 67: Consistent double digit returns and realized exits
67 CONSISTENT DOUBLE DIGIT RETURNS ACROSS FUNDS… …€ 600 M OF REALIZED EXITS IN EUROPE AT 12% IRR Europe Sold area, ha IRR2 Money-multiple3 Net IRR in Dasos managed funds1 Total4 138,000 11.9% 2.0x 12.7 % 12.1 % 11.9 % 12.1 % 11.3 % 11.3 % 11.3 % 11.1 % Finland 10.6 % 78,000 hectares Ireland 8,915 he
Slide 68: Proven track record in forestry and natural capital
68 1 Proven long-term track record of forestry and natural capital investing in Europe (since 2009) 2 Existing (7) funds have generated double-digit returns on average Expanding investment team with over 20 years of experience, supported by CapMan platform professionals 3 within fund investment rela
Slide 69: Growth from Northern Europe
69 GROWTH FROM NORTHERN EUROPE Strong risk-adjusted returns, natural inflation hedging properties, low correlation to other asset classes and superior ESG characteristics Europe has a unique forest industry cluster and fragmented forest ownership offering opportunities to extract above average fores
Slide 70: CapMati
CapMati
Slide 71: Capital Markets Day 2025 – Atte Rissanen, CFO
Capital Markets Day 2025 Atte Rissanen, CFO 11 March 2025
Slide 72: Financial highlights 2024
72 TURNOVER GROWTH AUM TURNOVER FROM 2023 OPERATING PROFIT* SOLID FINANCIAL POSITION DIVIDEND 2024E of investments and cash vs. of interest per share bearing debt CapMan Capital Markets Day 2025
Slide 73: Turnover has grown by nearly 12% p.a. since 2020
73 TURNOVER HAS GROWN BY NEARLY 12% P.A. SINCE 2020 DRIVEN BY AUM GROWTH AUM, €BN TURNOVER, €M 10.0 100 10 90 9 80 8 7 70 6.1 58.9 57.6 6 60 4.9 5.0 5.0 49.3 50 46.0 5 3.8 40 36.9 4 3 30 2 20 1 10 0 0 2020 2021 2022 2023 2024 Strategic 2020 2021 2022 2023 2024 target (2027) Fee income Carried intere
Slide 74: Comparable operating profit and key takeaways
74 COMPARABLE OPERATING PROFIT, €M KEY TAKEAWAYS 60 CapMan’s operating profit consists of 1) Fee profit, 2) 50.2 Carried interest, and 3) Fair value changes 50 39.7 40 Carried interest and fair value changes are very volatile earnings components 30 19.0 Due to the inherent volatility, EBIT alone doe
Slide 75: Operating profit components
75 Total operating profit 20 18 Performance fees from funds 16 Calculated as fee income less all Meaningful, but varies 7.8 14 operating expenses based on timing of exits 12 Based on long terms €M contracts and highly 10 predictable 4.3 19.0 Returns from balance 8 sheet investment 6 Volatile, but ca
Slide 76: Fee profit = fee income less all operating expenses
76 FEE PROFIT = FEE INCOME LESS ALL OPERATING EXPENSES FEE PROFIT, €M, AND FEE PROFIT MARGIN KEY TAKEAWAYS 8 14% 6.9 7 12% 25% p.a. fee profit growth since 2020 6 10% 5 4.1 8% AUM and thereby Fee income growth is the main driver 3.8 of Fee profit 4 2.9 6% 2.8 3 4% 2 Relative profitability improves a
Slide 77: Performance fees and carried interest
77 PERFORMANCE FEES DEPEND ON FUND PERFORMANCE AND TIMING OF EXITS CARRIED INTEREST, €M KEY TAKEAWAYS 12 10 9.6 Average € 4.2 m of carry p.a. between 2020 and 2024 8 Three funds currently in carry i.e. each following exit generates carry (NRE I, GE I and Nest 2015) 6 4.3 4 Several other funds approa
Slide 78: Balance sheet investment allocation
78 BALANCE SHEET INVESTMENT ALLOCATION KEY TAKEAWAYS € 94 m in cash and money market investments, € 167 m Real estate Cash in private asset funds 39 90 Diversification across strategies and vintages Private Equity & 56 Credit Majority of investments in fund managed by CapMan 8 Other 18 47 3 Infra Fu
Slide 79: Returns from balance sheet investments
79 RETURNS FROM CAPMAN’S OWN BALANCE SHEET INVESTMENTS FAIR VALUE CHANGES, €M KEY TAKEAWAYS 40 36.5 33.9 Change in the fair value of balance sheet investments is 35 the main driver of EBIT volatility 30 25 20 2024 FV change € 7.8 m or 4.6% p.a. 15 10 7.8 4.4 Historical annual average return of 9.3%
Slide 80: Strong liquidity and financial stability
80 Equity Equity ratio Cash and money market investments Undrawn credit limit STRONG LIQUIDITY FINANCIAL STABILITY for investments and to to provide security in support growth of fee business all market situations CapMan Capital Markets Day 2025
Slide 81: Investments to support profitable growth
81 • Investing alongside our LPs into CapMan funds – recent example of € 15 million bridge equity investment into INVESTMENTS TO Hotels II to facilitate Midstar transaction and raising € 400 million of new fee generating AUM SUPPORT PROFITABLE • Own fund investments enable tactical opportunities – r
Slide 82: Strategic targets 2027
82 2024 STRATEGIC TARGET 2027 AUM € 6.1 bn € 10 bn Fee income € 53 m (0.9% of AUM) Grows in line with AUM Fee profit € 7 m (13% of fee income) Grows faster than fee income as business scales Carry p.a. € 6 m (22-24 average) Grows in line with AUM in closed-end funds NAV € 161 m* Average return of ca
Slide 83: Financial objectives and distribution policy
83 GROWTH OF MANAGEMENT COMPANY AND SERVICE RETURN ON EQUITY EQUITY RATIO DISTRIBUTION POLICY BUSINESS* CapMan’s policy is to pay sustainable distributions that grow over time Average annual growth objective 2024: 31.12 2024: 31.12 2024: CapMan’s Board of Directors expects the overall dividend distr
Slide 84: CapMati
CapMati