CapMan (CAPMAN) Q4 2025 earnings summary

Executive summary

• Achieved record high fee income, fee profit, and assets under management for 2025, with AUM rising 19% year-over-year to €7.2 billion.

• Revenue increased 9% to €63 million, driven by 11% growth in fee income; comparable EBIT rose 36% to €25.8 million.

• Strategic focus strengthened on real asset investments through major acquisitions and new fund launches, including expansion into real asset debt.

• Completed 15 exits and deployed capital into 10 new investments, with strong value creation across all funds.

• Significant steps taken toward growth strategy, targeting €10 billion AUM.

Financial highlights

• Fee income reached €58.9 million (+11% YoY); fee profit was €7.4 million (+6% YoY).

• Carried interest was €3 million, down from the previous year due to timing of exits; fair value changes totaled €15.5 million (+99%).

• Equity ratio stood at 57.6%–58% at year-end; cash and short-term financial assets totaled €65 million, with €20 million undrawn credit.

• Return on equity was 8%–9% for 2025; fee profit margin stable at 13%.

• Dividend proposed: €0.12 per share.

Outlook and guidance

• Assets under management and fee profit are expected to grow in 2026, though no numeric guidance is provided due to business volatility.

• Several fundraisings ongoing across Infra, real asset debt, Natural Capital, and real estate, targeting larger fund sizes.

• Market sentiment is improving but remains uncertain; investors are cautiously increasing allocations.