CapMan (CAPMAN) Q3 2026 earnings summary

Executive summary

• 9M revenue rose 19% YoY to €50.7m, including €46.8m fee income and €3.9m net carried interest; AUM reached €7.7bn, up 6% since year-end 2025.

• Comparable operating profit fell 10% to €17.2m as fair-value changes declined YoY; fee profit rose 1% to €6.6m.

• €550m was raised in 9M; full-year guidance remained unchanged for AUM and fee profit growth.

Financial highlights

• 9M fee income increased 11% to €46.8m; management fees grew 21%, while service and transaction-linked fees were lower against a strong Q3 2025 comparison.

• Net carried interest was €3.9m versus €0.3m in 9M 2025, reflecting successful exits; carried interest is net of linked bonuses.

• Investment fair-value changes were €6.8m versus €12.4m in 9M 2025; fair-value return was 3.7%, with own funds positive overall and external fund investments weighing on results.

• EBIT excluding fair-value changes rose 55% to €10.4m; reported operating profit was €15.3m versus €17.2m, and comparable operating profit was €17.2m versus €19.1m.

• Operating expenses increased 12% to €42.1m, reflecting personnel costs, CAERUS acquisition costs, placement-agent fees and infrastructure debt strategy setup.

Outlook and guidance

• 2026 outlook unchanged: AUM and fee profit are expected to grow; no numeric estimates were provided given carried-interest and investment-return volatility.

• Strategic AUM target is €10bn by end-2027, supported by ongoing and planned fundraisings; the 2026–27 average annual AUM growth objective is 15%.

• Nordic Real Estate IV and Nordic Infrastructure III each target €750m at final close in 2027.

• European Forest IV targets a 2027 final close above its predecessor’s €298m size; CAERUS VIII targets a €500m final close in 2028, with first close targeted in 2027.