CapMan Plc
Stock Exchange Release / Q1 Interim Report
6 May 2026 at 8:00 a.m. EEST

CapMan Plc 1-3 2026 Interim Report: Strong first quarter and fee profit growth accelerated

Results for continuing operations and significant events in 1-3 2026:

• Assets under management EUR 7.2 billion 31 March 2026 (EUR 7.2 billion 31 December 2025)
• Group revenue was MEUR 16.3 1 January-31 March 2026 (MEUR 13.0 1 January-31 March 2025) of which:
• Fee income was MEUR 15.9 (MEUR 13.0)
• Carried interest was MEUR 0.3 (MEUR -0.0)
• Operating profit was MEUR 5.6 (MEUR 6.9) and comparable operating profit was MEUR 6.1 (MEUR 7.2)
• Fee profit was MEUR 2.2 (MEUR 1.5)
• Fee profit before group costs was MEUR 3.0 (MEUR 2.2)
• Diluted earnings per share were 1.9 cents (2.3 cents) and comparable diluted earnings per share were 2.0 cents (2.5 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.

This stock exchange release is a summary of CapMan Plc's Interim Report for the period 1 January-31 March 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/result-reports/.

CEO's comment:

CapMan had a strong first quarter. Assets under management were stable from the end of 2025 at EUR 7.2 billion after intake of new capital balanced out distributions to investors from successfully completed exits. Fee income grew 22% compared to the first quarter of 2025 to EUR 15.9 million and fee profit grew 48% to EUR 2.2 million, reflecting improved relative profitability and the scalability of the business.

Strong start to the year 2026 with ongoing momentum in the portfolio

In March, one of our success stories realised as the Nordic Infrastructure I fund signed the sale of Valokuitunen. Valokuitunen was established by the Infra team together with Telia in 2020, and has rapidly expanded to Finland's leading fiber-to-the-home company. This case demonstrates CapMan's value creation capabilities. By developing the companies together with the management team, seeking right partnerships and enabling growth opportunities we are creating returns and building the society of the future. The Valokuitunen transaction is expected to close during the second quarter, and together with the PDSVISION exit from Buyout XI that closed in April, CapMan will receive significant positive cash flow from the related balance sheet investments.

In addition, we have already made seven new investments in the first quarter. Real Estate has made investments across the Nordics with residential investments in Sweden through the Residential fund and a mandate, Social Real Estate fund signing a new investment in Norway, and in Denmark the joint project with PensionDanmark secures the option for the first investment into the upcoming Nordic Real Estate IV fund. Growth has made two new investments into their third fund.

Expansion into infrastructure debt and flagship fundraisings at full speed

We continue to deliver on our growth strategy. In line with our plans for the Real Asset Debt investment area, we are expanding into the European infrastructure debt market, which complements our existing real estate debt offering. We have recruited investment professionals with experience from developing infrastructure debt strategies for more than 30 years to lead the expansion. This strengthens our Western European presence and we are opening an office in Paris. We see the segment as highly attractive, as a significant increase in demand for infrastructure debt is projected driven by rapidly growing European investments in particular into resilience and energy transition.

The main focus this year is on the ongoing fundraisings. We are working towards the first close in Nordic Real Estate IV and Nordic Infrastructure III funds over the coming months. The target size at final closing for both of these flagship funds is EUR 750 million. Natural Capital continues the fundraising for the European Forest Fund IV where we held the first close in December. In Real Asset Debt, the eighth CAERUS real estate debt fund is progressing. We also continue to see good investor interest in our specialised open-ended Real Estate funds Hotels II, Social Real Estate and Residential. All of these fundraisings contribute to our strategic ambition to reach EUR 10 billion of assets under management, that the whole CapMan team is committed to reaching. In parallel, we continue to improve operational efficiency and scalability, and we will see the majority of the profitability uplift as the funds reach their final closings.

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/q1-2026. 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 1-3 2026 Interim Report

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and €7.2 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, London, Luxembourg, and Düsseldorf. We are listed on Nasdaq Helsinki since 2001. www.capman.com