CapMan (CAPMAN) Q1 2025 earnings summary

Executive summary

• Assets under management (AUM) grew 6% to EUR 6.4 billion as of Q1 2025, driven by the Hotels II fund's acquisition of Midstar Fastigheter's hotel portfolio.

• Fee income increased 8% year-over-year to EUR 13 million, while comparable EBIT rose 5% to EUR 7.2 million.

• Fee profit grew 46% to EUR 1.5 million, supported by positive fair value changes of EUR 5.7 million (3.3% increase).

• Strong cash position of EUR 80 million and equity of EUR 193 million, with an equity ratio of 57.4%.

• CapMan continues to focus on responsible investing, scaling real asset strategies, and sustainability initiatives.

Financial highlights

• AUM reached EUR 6.4 billion, up EUR 340 million in Q1 2025, with EUR 420 million of new capital raised.

• Revenue from continuing operations was EUR 13 million, up 6% year-over-year; group revenue declined 17% due to lower carried interest.

• Fee profit margin improved to 12%; fee profit before group costs was EUR 2.2 million, up 19% year-over-year.

• No carried interest income in Q1 2025; average annual carry over the last three years was over EUR 5 million.

• Fair value of balance sheet investments at EUR 184 million.

Outlook and guidance

• Long-term financial objectives: revenue growth above 15% annually, return on equity above 20%, and equity ratio above 50%.

• AUM and fee profit are expected to continue growing in 2025, though no numeric estimates are provided.

• Market uncertainty and geopolitical risks are expected to delay decision-making and fundraising, with improvement likely in the latter part of the year.

• Long-term sector growth forecast remains at 8%-10% per year for European real assets.