CapMan Oyj : 1-3 2024 Result presentation

Strong first quarter and fee profit growth accelerated

Pia Kåll | CEO

6 May 2026

3

Assets under management

Revenue

*

Comparable EBIT

*

*) Continuing operations

1-3 2026 Interim Report

4

AUM BY GEOGRAPHY (31 MAR 2026) AUM BY INVESTOR TYPE (31 MAR 2026) AUM BY STRATEGY (31 MAR 2026)

5%

18%

47%

30%

6%

4%

6% 8% 36% 9% 13% 18% 21% 8% 53% 8% 10%

Nordics

DACH

Other Europe

North America

Other

Pension funds Asset managers

Private investment companies Insurance companies

Other institutional investors Fund of funds

Foundations

CapMan

Real estate Natural capital Infrastructure

Real asset debt

Private equity, credit & Wealth

During Q1 approx. € 60 million of new capital raised and flagship fundraisings making significant progress towards closings in coming months

1-3 2026 Interim Report

Our vision is to become the most responsible private assets company in the Nordics

6

REAL ASSETS € 5.7 bn ASSETS UNDER MANAGEMENT PE & WEALTH € 1.5 bn

Transitional properties that can be enhanced through redevelopment or repurposing, and high-quality investments to generate risk-adjusted returns

properties lettable area

Tailored solutions for local asset owners facing funding pressure or contemplating portfolio restructuring across energy, transportation and telecom sectors

portfolio companies

aggregate

turnover

Sustainable forestry investments with environmentally and socially responsible activity contributing to low-carbon development while generating returns

land

European countries

Tailored real estate debt financing offering competitive solutions for borrowers in complex situations across all real estate segments

properties countries

Dedicated investment teams and experienced advisor networks develop and implement growth strategies and serve investors that want to access the best solutions across all asset classes

portfolio companies

aggregate turnover

commercial tenants

1-3 2026 Interim Report

employees sustainable wood harvested in 2025

employees

6

REAL ESTATE

INFRASTRUCTURE

NATURAL CAPITAL

PRIVATE EQUITY & WEALTH

REAL ASSET DEBT

ASSET MANAGEMENT BALANCE SHEET INVESTMENTS

PLATFORM EXPERT SERVICES

Large-cap processes for mid-cap investment strategies

BALANCE SHEET INVESTMENTS

PRIMARILY IN OWN FUNDS

Support management company growth

VALUE DRIVERS

FEE PROFIT

INVESTMENT RETURNS

CARRIED INTEREST

1-3 2026 Interim Report

8

Continuing operations

FEE PROFIT

1-3 2026

Change 1-3 2026

Growth/last three years

NET CARRIED INTEREST

1-3 2026

Change 1-3 2026

Average/last three years

INVESTMENT RETURNS

Fair value change 1-3 2026

Fair value of investments 31 Mar 2026

Fair value change/last three years

1-3 2026 Interim Report

FEE INCOME, CONTINUING OPERATIONS FEE PROFIT, CONTINUING OPERATIONS KEY TAKEWAYS

15.9

+22%

€m €m

13.0

1-3 2025 1-3 2026

1-3 2025 1-3 2026

• Fee income growth 22% and fee profit growth 48%, reflecting improved relative profitability and the scalability of the business

  +48%

  2.2

  1.5

• Strong cost control continued and increase in operating expenses mainly from CAERUS acquisition and transferred Midstar organisation completed in 2025

• Active work continues to further improve operational efficiency and business scalability, with majority of profitability uplift to be realised as funds reach final closings

12% 14% FEE PROFIT MARGIN*

1-3 2026 Interim Report *Fee profit divided by fee income

BALANCE SHEET INVESTMENTS 31 MARCH 2026, €M

Cash and other short-term financial assets

69

Private Equity & Credit

€ 56 m remaining commitments into funds at end of Q1.

Commitments will increase when ongoing fundraisings reach first closes.

€ 69 m in cash and other short-term financial assets, € 180 m in well diversified portfolio of private asset funds.

67

During Q1 cash flow from fund investments was negative, but significant distributions are expected from PDSVISION (Buyout XI) and Valokuitunen (Infra I) exits closing in Q2.

Other 2

External fund

investments

34

2

Natural

Capital

22

Infra

Real estate

Fund investments are expected to generate positive cash flow during future years, as distributions from realising exits are expected to exceed new fund commitments*.

54

1-3 2026 Interim Report

*Due to the nature of the business and timing of exits, cash flow from fund investments may vary significantly between years

FAIR VALUE CHANGES 2021-2025 FAIR VALUE CHANGES 1-3 2026 VS. 1-3 2025

€m

40

35

30

25

20

15

10

5

0

-5

-10

25.3%

€m7

26.9%

33.9 36.5

8.6%

4.5%

-3.4%

6

5

4

3

2

1

Own funds: €4.7m (3.3%) External: €-1.1m (-3.2%)

+3.3%

+2.0%

0

Own funds: €5.4m (3.9%) External: €0.4m (1.0%)

2021 2022 2023 2024 2025

1-3 2026 1-3 2025

Return last three years (Q2/2023 - Q1/2026) +4.1% p.a.

Return target over time for own investments between 10% and 15% depending on allocation

1-3 2026 Interim Report

1-3 2026 COMPARABLE EBIT 1-3 2025 COMPARABLE EBIT

€ millions € millions

5.7

7.2

1.5

0.0

1.5

3.6 6.1

2.2

0.3

2.5

Fee profit Net carried

interest*

EBIT excl. FV

changes

FV changes Comparable EBIT

Fee profit Net carried

interest*

EBIT excl. FV

changes

FV changes Comparable EBIT

CHANGE

+48% n/a +71% -38% -16%

*Carried interest less carried interest linked bonuses

1-3 2026 Interim Report

13

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 uncertain market conditions

1-3 2026 Interim Report

14

0,0

0,5

+15%

1,0

+7%

1,5

+12%

2,0

Infrastructure

Real estate

Natural resources

AUM IN EUROPE FOCUSED FUNDS, $ '000bn

• Fundraising times shortened during 2025 compared to the extended process times during the past two years, and the good momentum has continued in the beginning of 2026

• With exit markets activating the fundraising market is also expected to revive, however the market recovery could be delayed if exit activity again slows down

• Long-term forecasts expect assets under management in European focused real asset funds to grow with above 10% CAGR

• Infrastructure AUM expected to grow the fastest

• The Nordics are well positioned to attract capital thanks to the stable political environment and track record of strong private asset returns

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025F

2026F

2027F

2028F

2029F

2030F

Source: Preqin Private Markets in 2030 1-3 2026 Interim Report

15

by scaling real asset investment strategies, launching new products and targeted acquisitions

Building teams that outperform and a workplace where top performers thrive.

Attracting, developing and retaining the best people in the industry.

THE partner for LP's investing in the Nordics, systematically broadening and deepening LP relationships. Building on strong fund performance and attractive products.

Scalable, effective and technology enabled operations. Commercially minded, effective ways of working that smartly utilise automation and AI.

Responsibility as an enabler for superior financial value creation. Sustainability as an integrated part of all activities.

1-3 2026 Interim Report

+16% p.a. ASSETS UNDER MANAGEMENT, EUR BILLIONS

Real Asset Debt Natural Capital Infra

Real Estate

Private Equity, Wealth

+20% p.a. +9% p.a. KEY FUNDRAISINGS 2026-2027

CAERUS VIII

Infra debt

European Forest Fund IV

Nordic Infrastructure III

Nordic Real Estate IV

Real Estate open-ended funds

Special Situations II

Nest IV

Wealth programs

Growth IV

2020 2021 2022 2023 2024 2025 2026 2027

€ 3.8 bn

€ 5.0 bn

€ 7.2 bn

TARGET

€ 10 bn

1-3 2026 Interim Report

REAL ESTATE

• Nordic Real Estate IV fundraising ongoing, target size at final close € 750 m during 2027

• Specialised open-ended funds continue fundraising, average capital raised (incl. mandates) during last three years € 300 m p.a.

  INFRASTRUCTURE

• Nordic Infrastructure III fundraising ongoing, first close expected during 2026 and target size at final close € 750 m during 2027

  NATURAL CAPITAL

• European Forest IV first close held in December 2025, targeting final close above size of previous fund (DSFW III 298 meur) during 2027

  REAL ASSET DEBT

• CAERUS VIII first close during 2026, target size at final close € 500 m during 2027/2028

• Infra Debt strategy launched in Q1 2026 and fundraising to be launched during 2026

  PRIVATE EQUITY & WEALTH

• CWIP programs and other CW products, average AUM raised during last three years of some € 200 m p.a.

• Nest IV, Specials Situations II and Growth IV fundraising 2026-2027

1-3 2026 Interim Report

• CapMan expands its Real Asset Debt investment area into infrastructure debt

• Infrastructure debt is a rapidly growing market segment, driven by strong demand across Europe for financing investments in critical infrastructure, decarbonisation, and digitalisation

• The infrastructure debt strategy will be led by René Kassis, who brings more than 30 years of experience in building and developing European infrastructure debt strategies

• CapMan's Western European presence strengthened

  through the opening of an office in Paris

• The expansion is a natural addition to CapMan's existing offering and further strengthens our focus on real asset investments

  1-3 2026 Interim Report

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  19

  
  
  PLATFORM INVESTMENTS 2026 EXITS 2026
  
  

  Growth III: Kuntolat care services company

  Investment 01/26

  
  
  

  Real Estate: Residential project, Copenhagen

  Investment 02/26

  
  
  

  Social Real Estate: Police Headquarters, Kristiansand

  Investment 02/26

  
  
  

  Growth III: Kuntokeskus Liikku fitness chain

  Investment 02/26

  
  
  

  Real Estate Residential: Residential property, Stockholm

  Investment 03/26

  Infra I: Valokuitunen

  
  
  

  Exit 03/26

  
  
  

  Real Estate: Residential properties, Stockholm

  Investment 03/26

  
  
  

  1-3 2026 Interim Report

  
  
  

• In March 2026 Nordic Infrastructure I fund signed the sale of Valokuitunen, Finland's leading fiber-to-the-home (FTTH) company, to Brookfield Infrastructure Structured Solutions and Telia

• Valokuitunen is a proprietary investment by the Infra team, established in April 2020 as a joint venture with Telia

• During the fund's ownership, CapMan Infra actively developed the organisation, strengthened the company's operational capabilities and improved customer experience

• With a rapid land-grab expansion strategy, supported by selected add-on acquisitions, Valokuitunen grew to become Finland's largest fibre company with a unique open access service layer

• CapMan's active ownership has supported strong financial performance and positioned the company as a key enabler of nationwide reliable digital infrastructure

• This highly successful exit* sets a strong foundation for the ongoing Infra III fundraising

*the closing of the transaction is subject to certain conditions being met

20

Grown the network from 20,000 households to over 430,000 households

From 6 to 100+ employees

in 5 years, while receiving a Great Place to Work certificate

Revenue growth 5x and EBITDA growth 25x during holding period 95/100 in GRESB benchmark

and ranked 3rd in peer group

SCALABLE OPERATIONS FEE PROFIT MARGIN*

• Over 20 Nimble Operations development projects

  completed during 2025, implementation continuing 2026

• Projects focused on:

  • Enabling scalable revenue growth
  • Efficiency and cost savings via streamlining, automation and outsourcing

• Strong cost control to continue during 2026

• Scalability visible as fee profit margin improvement

• Majority of profit uplift will realise as ongoing flagship fund fundraisings reach final closes

16%

14%

12%

10%

8%

6%

SCALABLE PROFITABLE OPERATIONS

4%

14%

13%

13%

12%

8%

8%

7%

2%

0%

2021 2022 2023 2024 2025 Q1/25 Q1/26

*Fee profit divided by fee income, continuing operations

1-3 2026 Interim Report

2022 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 (operational)

Nordic Infrastructure II (devt)

RANK	TREND	TRANSPARENCY	STATUS
1st decile of 170+ global peers	Very High		Prime

1-3 2026 Interim Report

GRESB provides real asset benchmarks on individual assets and portfolios ESG performance, aligned with the Sustainable Development Goals and the Paris Climate Agreement.

ISS STOXX is a leading provider of ESG ratings, evaluating how sustainability-related risks & opportunities are managed across its value chain. Rating date: 16 January 2026

€ 10 bn € 7.2 bn € 7.2 bn € 61.8 m

(0.86% of AUM)

Grows in line with AUM € 58.9 m

(0.82% of AUM)

€ 8.1 m

(13.1% of fee income)

Grows faster than fee income as business scales € 7.4 m

(12.5% of fee income)

Majority of the profitability uplift as funds reach their final closings

*Last twelve months: Q2 2025 - Q1 2026

1-3 2026 Interim Report

24

Revenue growth excluding carried interest* Average annual growth objective	Return on equity	Equity ratio	Distribution policy CapMan's policy is to pay sustainable distributions that grow over time
1-3 2026: (Continuing operations)	31 March 2026: ** (Continuing operations)	31 March 2026:	Total dividend distribution expected to be EUR 0.12 per share for 2025

*) Revenue growth excluding carried interest income and items affecting comparability. **) Per annum, excluding items affecting comparability. Financial objectives are excluding items affecting comparability.

1-3 2026 Interim Report

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 addition to asset-specific development and exits from assets, various factors outside of the

portfolio's and CapMan's control influence fair value development of CapMan's overall investments, as well as the magnitude and timing of carried interest. For these reasons, CapMan does not provide numeric estimates for 2026.

CapMan estimates assets under management to grow in 2026. The company estimates fee profit also to grow in 2026. These estimations do not include possible items affecting comparability.

CEO

Atte Rissanen

CFO