Half Year 2026 CapMan Oyj Earnings Call Transcript

Aug 6, 2026 / 06:30 AM GMT

Release Date Price: €1.76 (-3.30%)

Transcript

Key Points

Positve

CapMan Oyj (FRA:AP6) achieved an all-time high AUM of €7.7 billion, driven by a record quarterly capital intake of €440 million in Q2.
The company held successful first closes for its Nordic Real Estate IV and Nordic Infrastructure III funds, with strong investor demand and a clear path to reach their €750 million target sizes by 2027.
Fee profit grew by 28% year-over-year, significantly outpacing the 16% fee income growth, demonstrating strong operational scalability and improving margins.
The company has strong visibility for material carried interest in H2 2026, backed by successful exits in progress, including the Infra1 exit from Valokuitunen closed in July.
CapMan Oyj (FRA:AP6) maintains a robust balance sheet with an equity ratio of 58.5% and strong liquidity, providing financial stability to support its growth strategy.
The expansion into European infrastructure debt, with a new Paris office, positions the company in a growing market segment with significant investment needs.

Negative

Comparable EBIT was roughly flat at €10 million for H1, slightly down from €10.6 million last year, due to lower fair value uplifts from external funds.
Q2 fee income was negatively impacted by successful exits that reduced fee-paying AUM, while new capital raised late in the quarter will only contribute to fees from Q3 onwards.
The fair value of external funds was slightly negative at -1.11% for the half-year, dragging down overall investment returns.
Kairos AUM has remained flat over the past 12 months, as European real estate debt investors remain cautious, though this was in line with expectations.
The company's return on equity (ROE) of 7% is significantly below its long-term target of 20%, indicating a gap in profitability performance.
The new infrastructure debt fundraising is still in early stages, with formal fundraising not expected to launch until the end of the year, carrying execution risk.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

CAPMAN.HE - CapMan Oyj
Half Year 2026 CapMan Oyj Earnings Call
Aug 06, 2026 / 06:30AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning, and welcome to this presentation on CAPMEN's Half Year Report 2026. Presenting today, we have Pia Coll, CEO of CAPMEN. And after the presentation, we will have a Q&A session, and you are welcome to send in questions in the chat.

Pia, I hand over to you.

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Unidentified_2 [2]
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Thank you, Charlotte.

And welcome everyone also from my side. It's a pleasure to present CATMA's half-year report. We have continued strong growth in the second quarter. We had record all-time high capital intake and also held first closes into our important

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