CapMan Plc 1–6 2026 Half-Year Report: Record capital intake and first closes in flagship funds

CapMan Plc
Stock Exchange Release / Half-Year Financial Report
6 August 2026 at 8:00 a.m. EEST

CapMan Plc 1–6 2026 Half-Year Report: Record capital intake and first closes in flagship funds

Results for continuing operations and significant events in 1–6 2026:

• Assets under management EUR 7.7 billion 30 June 2026 (EUR 7.2 billion 31 December 2025)
• Group revenue was MEUR 31.4 1 January–30 June 2026 (MEUR 27.1 1 January–30 June 2025) of which:
• Fee income was MEUR 31.1 (MEUR 26.9)
• Carried interest was MEUR 0.3 (MEUR 0.2)
• Operating profit was MEUR 9.1 (MEUR 9.3) and comparable operating profit was MEUR 10.0 (MEUR 10.6)
• Fee profit was MEUR 3.6 (MEUR 2.8)
• Fee profit before group costs was MEUR 4.9 (MEUR 4.4)
• Diluted earnings per share were 2.6 cents (2.4 cents) and comparable diluted earnings per share were 3.0 cents (3.0 cents)
• In March, CapMan announced that it will expand its Real Asset Debt offering by entering into the European infrastructure debt market together with CAERUS, and strengthen their Western European presence with the opening of an office in Paris.
• In June, Nordic Real Estate IV fund held its first close supported by existing and new international investors. Building on strong momentum, the fund is on track to reach its target size of EUR 750 million during 2027.
• In June, Nordic Infrastructure III fund held its first close, being on track to reach its final close during 2027 with a target size of EUR 750 million.

This stock exchange release is a summary of CapMan Plc’s Half-Year Report for the period 1 January–30 June 2026. The complete report is available in pdf-format as an attachment to this release and on the company’s website at https://capman.com/shareholders/reports-events/.

CEO’s comment:

CapMan’s strong performance continued in the second quarter of 2026. Assets under management reached all time high at EUR 7.7 billion, 6% growth since start of the year, after record capital intake in the second quarter. For the first half of the year, fee income was EUR 31.1 million and fee profit EUR 3.6 million, a growth of 16% and 28% respectively from previous year, demonstrating strong growth and continued profit margin improvement.

Strong capital intake and first closings in flagship funds

A top priority for 2026 are the ongoing fundraising processes for our flagship funds. In June we achieved two important milestones as we held the first closings for Nordic Real Estate IV and Nordic Infrastructure III. Both funds attracted international institutional investors at first close, which demonstrates the strength of CapMan’s international investor network and the attractiveness of our investment strategies. Both funds continue fundraising, on track towards their target size of EUR 750 million at final close.

During the first half we raised in total some EUR 500 million of new capital, of which some EUR 440 million during the second quarter, marking a record quarterly intake. The raised capital will from the third quarter onwards generate more than EUR 5 million in annual fee income. In addition to the first closes, Natural Capital’s European Forest Fund IV, and the open-ended Real Estate funds attracted new capital. The capital raised contributes also significantly towards our strategic objective of reaching EUR 10 billion in assets under management.

Continued value creation and successful exits

Value creation across the funds has remained strong and during the first half year we have made eleven new fund investments and four exits, distributing capital to fund investors. During the second quarter Growth announced the sale of Finland’s leading vision and eye health company Silmäasema, from their second fund. During CapMan’s ownership Silmäasema became a market leader in its sector in Finland, with high revenue growth and even stronger uplift in profitability. Real Estate exited assets in Turku and Stockholm from Nordic Real Estate III fund after successful completion of their value-creation initiatives. We expect exit activity to continue strong, and generate capital distributions to fund investors as well as carried interest and strong cash flow from balance sheet investments for CapMan during the second half of the year.

Profitability continued to improve

Fee profit margin continued to improve in the first half of the year, demonstrating the scalability of the business despite cost related to growth initiatives and establishment of Infra debt in the second quarter. We continue to keep strong cost control, and increase internal effectiveness through AI and automation deployment. These initiatives will improve the scalability by allowing us to maintain the overall cost level while continuing to increase our assets under management. The majority of the profitability uplift will materialise as we reach the final closings for the large flagship funds, targeted for 2027.

Pia Kåll

CEO, CapMan Plc

Key figures

Long-term financial objectives

CapMan’s distribution policy is to pay sustainable distributions that grow over time. CapMan’s objective is to distribute at least 70% of the Group’s profit attributable to equity holders of the company excluding the impact of fair value changes, subject to the distributable funds of the parent company. In addition, CapMan may pay out distributions accrued from investment operations, taking into consideration foreseen cash requirements for future investments.

The revenue growth target excluding carried interest income is more than 15% p.a. on average. The target for return on equity is more than 20% and for equity ratio more than 50%.

CapMan expects to achieve these financial targets gradually and key figures are expected to show fluctuations on an annual basis considering the nature of the business.

Outlook estimate for 2026 (unchanged)

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.

Result webcast today at 9:30 a.m. EEST

CapMan’s management will present the result for the review period in a webcast to be held at 9:30 a.m. EEST. Please access the webcast at https://capman.events.inderes.com/q2-2026. The webcast will be held in English. A replay of the webcast will be available on the company’s website after the event.

CAPMAN PLC
Board of Directors

Contact details:
Atte Rissanen, CFO, CapMan Plc, tel. +358 50 040 5732

Distribution:
Nasdaq Helsinki Ltd
Principal media
www.capman.com

Appendix: CapMan Plc 1–6 2026 Half-Year Report

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and €7.7 billion in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, real asset debt, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, Düsseldorf, London, Luxembourg and Paris. We are listed on Nasdaq Helsinki since 2001. www.capman.com