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CapMan (CAPMAN) investor relations material

CapMan Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary6 Nov, 2025

Executive summary

  • Assets under management reached a record €7.1 billion (SEK 7.1 billion), up 17% year-over-year, driven by €560 million in new capital and the CAERUS acquisition adding €640 million.

  • Fee income grew 6% year-over-year, while comparable EBIT increased 46% to €19.1 million, mainly from strong fair value development in own fund investments.

  • Operating profit rose 55% year-over-year to €17.2 million, with diluted EPS up to 5.5 cents and comparable diluted EPS to 6.4 cents.

  • Majority of new capital in 2025 came from first-time investors, with strong investment activity and several notable exits completed in Q3.

Financial highlights

  • Revenue for the period was €42.5 million, with fee profit stable at €6.5 million and carried interest income dropping 91% to €0.3 million.

  • Fair value uplift of 6.9% (€12.4 million), with own funds contributing €11.0 million and external funds €1.4 million.

  • Equity at €190.1 million and equity ratio at 59.3%.

  • Cost control remained strong, with operational expense increases mainly from the CAERUS and Midstar acquisitions.

Outlook and guidance

  • Assets under management and fee profit are expected to grow in 2025, though no numeric guidance is provided due to business volatility.

  • Several ongoing and planned fundraisings across all investment areas, with strong appetite from international institutional investors.

  • Exits and carried interest are anticipated to increase over the next 6-12 months as market activity resumes.

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Frequently asked questions

CapMan Oyj is a leading Nordic private asset firm with an active approach to value creation, through the management of Finnish listed and unlisted companies as well as the ownership structure of its funds. Founded in Finland in 1989, the Group has continuously expanded operations from the Nordic region to Europe, the United States and Asia.  CapMan's success is based on identifying growth opportunities and adding values for its investors, shareholders, partners and clients through leading positions, industry-specific and emerging market expertise, power in deal execution and top talent. CapMan's philosophy has been coined as "Active Ownership"™ by its founder and CEO Juha Varelius.

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