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Introduction & Market Context
CapMan Oyj B (OMXH:CAPMAN) presented its interim report for the first nine months of 2025 on November 6, showcasing record assets under management (AUM) growth despite ongoing economic uncertainties in the private assets market. The Helsinki-based investment company saw its stock price increase by 5.5% to 1.88 euros following the presentation, reflecting positive investor sentiment about the company's performance and strategic direction.
CEO Pia Kåll highlighted the company's vision to become "the most responsible private assets company in the Nordics" while pursuing an ambitious target of €10 billion in AUM. The presentation emphasized CapMan's focus on real assets, which now comprise approximately 80% of its total portfolio.
Quarterly Performance Highlights
CapMan reported assets under management reaching a record €7.1 billion, representing a 17% increase year-to-date. The company's comparable EBIT rose to €19.1 million, a significant 46% increase compared to the same period last year, driven primarily by strong investment returns.
As shown in the following financial highlights chart:
Revenue stood at €42.5 million, showing a 3% decrease from continuing operations, as CapMan had divested its service business CaPS in the prior year. Fee income grew by 6% to €42.2 million, while fee profit remained flat at €6.5 million, resulting in a slight decrease in fee profit margin from 16% to 15%.
The detailed breakdown of key financial metrics reveals:
A notable development was the significant decrease in net carried interest, which fell by 93% to €0.3 million compared to €3.8 million in the same period last year. However, this decline was more than offset by strong investment returns, with fair value changes contributing €12.4 million to the company's EBIT, compared to a negative €2.7 million in the previous year.
The following chart illustrates how these components contributed to EBIT growth:
Investment Portfolio Performance
CapMan's balance sheet investments showed strong performance, with fair value changes of €12.4 million, representing a 6.9% increase. The company maintains a well-diversified portfolio across various asset classes, with €185 million invested in private asset funds and €54 million in cash and other short-term financial assets.
The balance sheet investment allocation as of September 30, 2025 is illustrated below:
The company reported that 90% of its funds in the value creation phase are performing above the hurdle rate, indicating strong underlying asset performance. Several exits were completed in Q3, including divestments from Buyout XI (MM Sports and Pharmia), Growth II (Suomen Avustajapalvelut), and various real estate properties.
CapMan's investment activity remained robust throughout the year with €1.1 billion in dry powder available for new investments at the end of Q3. Recent investments included logistics developments in Gothenburg, residential development projects in Copenhagen, Stockholm, and Helsinki, and the acquisition of Midstar Fastigheter AB, a Nordic portfolio of 28 hotel properties.
Strategic Initiatives & Growth Plans
CapMan outlined its strategic WINS programs (Winning Team, Investors' Choice, Nimble Operations, and Sustainable approach) aimed at reaching its €10 billion AUM target. The company plans to achieve this through scaling real asset investment strategies, launching new products, and targeted acquisitions.
The company's fundraising efforts have been successful, with €560 million in new capital raised during the first nine months of 2025. Notably, 82% of this capital came from new investors, primarily from Finland, Germany, and Sweden, demonstrating CapMan's expanding investor base.
CapMan's investor diversification is illustrated in the following breakdown by geography, investor type, and strategy:
According to the earnings call, the acquisition of Kairus contributed significantly to AUM growth, adding €640 million in assets. This strategic move aligns with CapMan's focus on expanding its real assets portfolio, which now represents 80% of total AUM.
Sustainability Focus
CapMan has placed significant emphasis on sustainability, with clear themes and targets established for 2024-2026. The company has had its near-term Science Based Targets validated and aims to achieve net zero by 2040. Other sustainability initiatives include becoming an early adopter of the Taskforce for Nature-related Financial Disclosures (TNFD) and identifying human rights salient risks for each investment area.
The company's sustainability efforts have been recognized in GRESB international benchmarks, with scores improving across all funds in 2025. Currently, 68% of CapMan's real estate portfolio (by square meter) has green building certification, with a target of reaching 75% by 2026.
Forward-Looking Statements
CapMan maintains ambitious long-term financial objectives, including average annual revenue growth exceeding 15% (excluding carried interest), return on equity above 20%, and an equity ratio above 50%. The company's current equity ratio stands at a solid 59.3%.
While CapMan did not provide specific numeric estimates for the remainder of 2025, the company expects assets under management and fee profit to continue growing. Several exit processes are reportedly underway, expected to conclude in the next 6-12 months, which could further enhance financial performance.
During the earnings call, CEO Pia Kåll expressed optimism about the market's trajectory, noting early indications that the market is "bottoming out and turning positive." However, economic uncertainty remains a challenge that could impact fundraising efforts, and delays in the Nordic Real Estate IV Fund could affect future income streams.
With a strong balance sheet showing €190.1 million in equity, €54 million in cash and short-term financial assets, and an undrawn credit limit of €20 million, CapMan appears well-positioned to pursue its strategic growth initiatives despite market uncertainties.
Full presentation:
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