Slide 1: Assets under management on new record level
Assets under management on new record level Pia Kåll | CEO 6 November 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: Assets under management, Revenue, Comparable EBIT
3 Assets under management Revenue Comparable EBIT * * *) Continuing operations. CapMan has divested service business CaPS in the prior year and has classified it as a discontinued operation in the comparison period. 1–9 2025 Interim Report
Slide 4: 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 5: Real Assets and Private Equity & Wealth assets under management
5 REAL ASSETS € 5.6 bn ASSETS UNDER MANAGEMENT PE & WEALTH € 1.5 bn Human-centric, sustainable Building sustainable Investing in natural Tailored real estate debt Specialised private real estate investments, societies by investing in capital, biological financing with equity strategies and focused o
Slide 6: 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 7: Fee profit, net carried interest, investment returns
7 Continuing operations; CapMan has divested service business CaPS and classifies it as a discontinued operation in the income statement FEE PROFIT NET CARRIED INTEREST INVESTMENT RETURNS 1-9 2025 1-9 2025 Fair value change 1-9 2025 Change 1-9 2025 Change 1-9 2025 Fair value of investments 30 Sep 20
Slide 8: Fee income and fee profit, continuing operations
8 FEE INCOME, CONTINUING OPERATIONS FEE PROFIT, CONTINUING OPERATIONS KEY TAKEWAYS €m • Fee income growth 6%, and €m looking at the underlying recurring +6% fee income when excluding 2024 42.2 retroactive fees, the development 39.9 6.5 6.5 in line with the assets under management growth • Strong cos
Slide 9: Balance sheet investments 30 September 2025
9 BALANCE SHEET INVESTMENTS 30 SEPTEMBER 2025, €M € 54 m in cash and other short-term financial assets, € 185 m in private asset funds Cash and other short-term Real estate financial assets 54 57 € 50 m remaining commitments into funds Well diversified portfolio between asset classes and vintage yea
Slide 10: Fair value changes
10 FAIR VALUE CHANGES 2020-2024 FAIR VALUE CHANGES 1-9 2025 VS. 1-9 2024 €m €m 40 25.3 % Own funds: €11.0m (7.9%) 26.9 % 14 External: €1.4m (3.5%) 35 30 12 25 10 20 33.9 36.5 8 Own funds: €4.9m (4.1%) 15 4.5 % External: €-2.2m (-4.2%) 10 6 12.4 3.2 % +6.9% 5 -3.4 % 7.8 4 4.4 0 -6.1 2 -5 2.7 +1.6% -1
Slide 11: Comparable EBIT 1-9 2025 vs 1-9 2024
11 1-9 2025 COMPARABLE EBIT 1-9 2024 COMPARABLE EBIT € millions € millions 12.4 19.1 2.7 13.1 3.8 10.4 6.5 0.3 6.5 6.8 Fee profit Net carried EBIT excl. FV FV changes Comparable EBIT Fee profit Carried EBIT excl. FV FV changes Comparable EBIT interest* changes interest changes CHANGE -1% -93% -35% +
Slide 12: Equity, equity ratio and strong liquidity
12 Equity Equity ratio STRONG LIQUIDITY to support growth of asset management business, decrease interest bearing debt, and deliver strong shareholder value creation Cash & other short-term financial assets Undrawn credit limit FINANCIAL STABILITY Enables systematic execution of strategy despite unc
Slide 13: AUM in Europe focused funds
13 AUM IN EUROPE FOCUSED FUNDS, $ ‘000bn • The economic and geopolitical uncertainty, that Natural resources* Infrastructure Real estate spiked with the US tariff announcements in April, 2,0 has somewhat diminished compared to the first half +9% of the year, and fundraising times have shortened duri
Slide 14: Scaling real asset investment strategies, launching new products and acquisitions
14 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 15: Planned fundraisings and assets under management development
15 PLANNED FUNDRAISINGS AND ASSETS UNDER MANAGEMENT DEVELOPMENT Completed Ongoing or planned TARGET € 10 bn € 5.0 bn € 6.1 bn € 7.1 bn New organic opportunities and acquisitions Nordic Infrastructure III CAERUS VIII CAERUS € 640 m European Forest Fund IV Nordic Real Estate IV Natural Capital € 700 m
Slide 16: New capital raised and AUM by geography, investor type and strategy
16 During 1-9 2025 a total of € 560 million of new capital was raised, and net AUM grew with € 1.1 billion AUM BY GEOGRAPHY (30 SEP 2025) AUM BY INVESTOR TYPE (30 SEP 2025) AUM BY STRATEGY (30 SEP 2025) 1% 7% 4% 6% 21% 7% 15% 37% 7% 47% 9% 50% 10% 9% 30% 12% 10% 17% Nordics Other Europe Other Pensio
Slide 17: New investors, cross-selling and re-up investors
17 NEW INVESTORS (1-9 2025) CROSS-SELLING (1-9 2025) RE-UP / TOP-UP INVESTORS (1-9 2025) Finland Germany Sweden Finland Finland Germany CapMan entity Raised from new investors to CapMan Raised from investors new to the Raised from investors invested in previous CapMan team in question vintage or alr
Slide 18: Platform investments and exits 1-9 2025
18 PLATFORM INVESTMENTS 1-9 2025 EXITS 1-9 2025 € 1.1.bn dry powder end Q3 90% of funds in value creation phase above hurdle NRE III: Logistics development, Gothenburg Investment 01/25 Buyout XI: MM Sports Exit 07/25 Hotels II: Midstar Fastigheter AB, Nordic portfolio of 28 hotel properties Buyout X
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: GRESB benchmark results
20 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 II** Real estate results are from the standing investments benchmark, i.e. development benchmark results are not inclu
Slide 21: Financial objectives and distribution policy
21 Revenue growth excluding carried interest* Return on equity Equity ratio Distribution policy CapMan’s policy is to pay sustainable distributions that grow over time. Average annual growth objective Objective to distribute at least 70% of the Group’s profit attributable to equity holders of the co
Slide 22: 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 23: Pia Kåll CEO, Atte Rissanen CFO
23 Pia Kåll Atte Atte Rissanen Rissanen CEO CFO CFO
Slide 24: CapMan
CapMat