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CapMan 1-6 | 2026 Half - Year Report Record capital intake and first closes in flagship funds Pia Kåll | CEO 6 August 2026
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Disclaimer • Confidentiality: This presentation is confidential and proprietary to CapMan, and it is intended solely for the information of the recipient. By accepting this presentation, the recipient agrees to keep the information contained herein confidential. • No redistribution: This presentation may not be reproduced, distributed, or disclosed without permission. • No reliance: No reliance may, nor should, be placed on the contents of this presentation by any person for any purposes. • No Offer or Advice: This presentation is for informational purposes only. It may not be deemed as an offer to sell or a solicitation of an offer to buy any securities, nor as marketing under the Alternative Investment Fund Managers Directive (AIFMD) or the Marketsin Financial Instruments Directive (MiFID). This presentation may not be construed as a prospectus or an advertisement. It is not intended to be, and should not be interpreted as, investment, legal, tax, or financial advice. • No Representations or Warranties: No representations or warranties are made as to the accuracy or completeness of the information provided. All information is subject to change without notice. • No Liability: CapMan nor its related parties shall be liable for any losses arising from reliance on this presentation. • Forward-Looking Statements: This presentation may contain forward-looking statements which are based on current expectations and projections. Such statements are not guarantees of future performance and are subject to risks and uncertainties. • Investment Risks: Investments involve risks, including the loss of capital. Past performance is not indicative of future results, and there is no assurance that investment objectives will be achieved. Prospective investors are encouraged to consult with their own professional advisors regarding the suitability and risks of any investment, as well any financial, legal and tax consequences.
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3 Key milestones in growth strategy reached in H1 2026 Expansion into European infrastructure debt • Infrastructure debt for sovereignty and climate transition infrastructure • Market segment with rapid growth • Expansion follows the Real Asset Debt growth plan established with CAERUS • CapMan’s Western European presence strengthened through the opening of an office in Paris First close in Nordic Real Estate IV fund • First close supported by existing and new international investors • The fund continues the established Nordic Real Estate value-add fund series • The fund is on track to reach its target size of EUR 750 million during 2027 First close in Nordic Infrastructure III fund • Fast fundraising with strong investor demand • First close supported by more than 20 institutional investors • The fund is set to be CapMan Infra’s largest fund to date with target size of EUR 750 million, twice the size of its predecessor • Target to reach final close during 2027
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4 Strong financial development in H1 2026 €31.4m RevenueAssets under management €7.7bn +6% +16%* €10.0m Comparable EBIT - 5%* 1–6 2026 Half-Year Report *) Continuing operations
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37% 18% 13% 9% 7% 7% 5% 4% ~200 institutional LPs ~350 private wealth clients AUM BY GEOGRAPHY (30 JUNE 2026) AUM BY INVESTOR TYPE (30 JUNE 2026) AUM BY STRATEGY (30 JUNE 2026) Record capital intake during Q2 – some € 500 million raised in total in H1 47% 30% 18% 5% Nordics DACH Other Europe North America Other €7.7bn 51% 10% 10% 8% 21% 1–6 2026 Half-Year Report 5 Pension funds Asset managers Private investment companies Other institutional investors Fund of funds Foundations CapMan €7.7bn Insurance companies Real estate Natural capital Infrastructure Private equity, credit & Wealth Real asset debt The raised capital will from Q3 onwards generate more than € 5 million in annual fee income
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CapMan is today building the society of the future Our vision is to become the most responsible private assets company in the Nordics
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7 CapMan creates value for the society as a responsible investor and owner focusing on the real assets market Real Estate €3.9 bn AUM Infra €0.8 bn AUM Natural Capital €0.8 bn AUM Private Equity & Wealth €1.6 bn AUM REAL ASSETS € 6.1 bn ASSETS UNDER MANAGEMENT PE & WEALTH € 1.6 bn Transitional properties that can be enhanced through redevelopment or repurposing, and high-quality investments to generate risk- adjusted returns Tailored solutions for local asset owners facing funding pressure or contemplating portfolio restructuring across energy, transportation and telecom sectors Sustainable forestry investments with environmentally and socially responsible activity contributing to low-carbon development while generating returns Dedicated investment teams and experienced advisor networks develop and implement growth strategies and serve investors that want to access the best solutions across all asset classes ~225,000 ha land 8 European countries 38portfolio companies 9,900employees € 0.8 bn aggregate turnover 11portfolio companies 259properties 550commercial tenants 1.5 m m 2 lettable area € 1.6 bnaggregate turnover 3,300employees 0.9 m m 3 sustainable wood harvested in 2025 Tailored real estate debt financing offering competitive solutions for borrowers in complex situations across all real estate segments Real Asset Debt €0.6 bn AUM 210 properties 4 countries 1–6 2026 Half-Year Report
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CapMan’s value drivers are fee profit and carried interest from asset management and investment returns from balance sheet investments 6 FEE PROFIT CARRIED INTEREST INVESTMENT RETURNS ASSET MANAGEMENT REAL ESTATE PLATFORM EXPERT SERVICES Large-cap processes for mid-cap investment strategies BALANCE SHEET INVESTMENTS PRIMARILY IN OWN FUNDS Support management company growth BALANCE SHEET INVESTMENTS INFRA- STRUCTURE NATURAL CAPITAL PRIVATE EQUITY & WEALTH VALUE DRIVERS 1–6 2026 Half-Year Report REAL ASSET DEBT
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9 1 - 6 2026 key financials FEE PROFIT NET CARRIED INTEREST INVESTMENT RETURNS 1-6 2026 € 3.6m Change 1-6 2026 +28% Growth/last three years +23% p.a. 1-6 2026 € 0.3m Change 1-6 2026 +67% Average/last three years € 2.6m p.a. Fair value change 1-6 2026 € 6.2m /+3.4% Fair value of investments 30 Jun 2026 € 173m Fair value change/last three years +4.7% p.a. 1–6 2026 Half-Year Report Continuing operations
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FEE INCOME, CONTINUING OPERATIONS FEE PROFIT , CONTINUING OPERATIONS KEY TAKEWAYS • Fee income growth 16% and fee profit growth 28%, reflecting the scalability of the business • Fee profit margin continued to improve despite growth initiatives and Infra debt establishment in Q2 • Continued focus on strong cost control and improving internal effectiveness through AI and automation deployment • The efficiency initiatives will improve the scalability by allowing us to maintain the overall cost level while continuing to increase our AUM • Majority of profitability uplift will be realised as flagship funds reach final closings 1–6 2026 Half-Year Report 10 Fee income and fee profitability development *Fee profit divided by fee income 26.9 31.1 1-6 2025 1-6 2026 +16% 2.8 1-6 2025 1-6 2026 3.6 FEE PROFIT MARGIN* 10% 11% €m €m +28%
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BALANCE SHEET INVESTMENTS 30 JUNE 2026, €M *Due to the nature of the business and timing of exits, cash flow from fund investments may vary significantly between years Balance sheet investment allocation € 69 m remaining commitments into funds at end of Q2. Commitments will increase when ongoing fundraisings reach first closes. € 51 m in cash and other short-term financial assets, € 173 m in well diversified portfolio of private asset funds. 1–6 2026 Half-Year Report 53 55 24 6 35 1 51 € 224 m Infra Private Equity & Credit Real estate Natural Capital External fund investments Other Cash and other short-term financial assets 11 H1 cash flow from fund investments totalled € 10 m. Positive cash flow in H2 expected as Infra I exit of Valokuitunen was completed during early Q3, and further exits are being pursued. Fund investments are expected to generate positive cash flow during future years, as distributions from realising exits are expected to exceed new fund commitments*.
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FAIR VALUE CHANGES 2021-2025 FAIR VALUE CHANGES 1-6 2026 VS. 1-6 2025 1–6 2026 Half-Year Report 12 Fair value changes of balance sheet investments 33.9 36.5 -6.1 7.8 15.5 -10 -5 0 5 10 15 20 25 30 35 40 2021 2022 2023 2024 2025 26.9% 25.3% -3.4% €m 6.2 7.6 0 1 2 3 4 5 6 7 8 9 10 1-6 2026 1-6 2025 €m Return last three years (Q3/2023 – Q2/2026) +4.7% p.a. Return target over time for own investments between 10% and 15% depending on allocation +3.4% +4.3% Own funds: €6.6m (4.5%) External: €-0.4m (-1.1%) Own funds: €8.8m (6.4%) External: €-1.2m (-3.1%) 4.5% 8.6%
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1-6 2026 COMPARABLE EBIT 1-6 2025 COMPARABLE EBIT 1–6 2026 Half-Year Report 13 Fee profit growth and fair value changes largest EBIT contributors 3.6 3.9 10.0 0.3 6.2 € millions € millions Fee profit Net carried interest* EBIT excl. FV changes FV changes Comparable EBIT +28% +67% +30% -19% -5% CHANGE 2.8 3.0 10.6 0.2 Fee profit Net carried interest* EBIT excl. FV changes FV changes Comparable EBIT 7.6 *Carried interest less carried interest linked bonuses
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14 CapMan maintains a solid balance sheet with good liquidity Equity €187.0m Equity ratio 58.5% Cash & other short-term financial assets €51m Undrawn credit limit €20m STRONG LIQUIDITY to support growth of asset management business, decrease interest bearing debt, and deliver strong shareholder value creation FINANCIAL STABILITY Enables systematic execution of strategy despite uncertain market conditions 1–6 2026 Half-Year Report
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15 Source: Preqin Private Markets in 2030 0,5 1,0 1,5 2,0 0,0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2022 2023 2024 2025F 2026F 2027F 2028F 2029F 2030F 2021 +15% +7% +12% AUM IN EUROPE FOCUSED FUNDS, $ ‘000bn Natural resources Real estate Infrastructure • The first part of 2026 continued to show indications of a positive turn in the alternative asset fundraising market • Long-term forecasts expect assets under management in European focused real asset funds to grow with above 10% CAGR • Real asset investments, like infrastructure, real estate, timberland, are attractive for investors seeking diversification and more stable, controllable outcomes • Artificial intelligence is disrupting business models and valuations across asset classes. For real asset investments, AI is expected to create opportunities for more effective asset management, while having more limited negative impacts, as real assets are not as easily replaced by AI • The Nordics are well positioned to attract capital thanks to the stable political environment and track record of strong private asset returns Market analyses estimate assets under management in European focused real asset funds to grow double - digit over the long - term 1–6 2026 Half-Year Report
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1–6 2026 Half-Year Report 16 We continue to deliver on our growth strategy Building teams that outperform and a workplace where top performers thrive. Attracting, developing and retaining the best people in the industry. W inning team THE partner for LP’s investing in the Nordics, systematically broadening and deepening LP relationships. Building on strong fund performance and attractive products. I nvestors’ choice Scalable, effective and technology enabled operations. Commercially minded, effective ways of working that smartly utilise automation and AI. N imble operations Responsibility as an enabler for superior financial value creation. Sustainability as an integrated part of all activities. S ustainable Strategic objective to reach € 10 billion AUM by scaling real asset investment strategies, launching new products and targeted acquisitions
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17 AUM average annual growth +20% in 2023 - 2025 and objective to reach € 10 billion by end of 2027 through ongoing and planned fundraisings 2020 2021 2022 2023 2024 2025 2026 2027 +9% p.a. +20% p.a. +16% p.a. TARGET € 10 bn Real Asset Debt Natural Capital Infra Real Estate Private Equity, Wealth € 5.0 bn ASSETS UNDER MANAGEMENT ,EUR BILLIONS KEY FUNDRAISINGS 2026-2027 € 7.2 bn€ 3.8 bn Nest IV Nordic Real Estate IV Nordic Infrastructure III European Forest Fund IV CAERUS VIII Special Situations II Wealth programs Real Estate open-ended funds Infra debt Growth IV 1–6 2026 Half-Year Report € 7.7 bn
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AUM growth drivers 2026 – 2027 per investment area 18 REAL ESTATE INFRASTRUCTURE NATURAL CAPITAL REAL ASSET DEBT PRIVATE EQUITY & WEALTH • Nordic Real Estate IV first close held in June 2026, target size at final close € 750 m during 2027 • Specialised open-ended funds continue fundraising with good investor appetite, average capital raised (incl. mandates) during last three years € 300 m p.a. • Nordic Infrastructure III first close held in June 2026, target size at final close € 750 m during 2027 • European Forest IV first close held in December 2025, and additional capital raised during Q2 2026, targeting final close above size of previous fund (DSFW III 298 meur) during 2027 • CAERUS VIII first close during 2026, target size at final close € 500 m during 2027/2028 • Infra Debt strategy launched in Q1 2026 and fundraising to be launched during 2026 • CWIP programs and other CW products, capital intake some € 100 m during H1 2026, and average AUM raised during last three years some € 200 m p.a. • Nest IV, Specials Situations II and Growth IV fundraising 2026-2027 1–6 2026 Half-Year Report
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NORDIC REAL ESTATE IV NORDIC INFRASTRUCTURE III 1–6 2026 Half-Year Report 19 First closings in Real Estate and Infra flagship funds • CapMan Nordic Real Estate IV, the fourth vehicle in CapMan Real Estate’s value-add fund series, held its first close on 17 June 2026 • First close was supported by existing and new international investors • Fund is well-positioned to capitalise on the current repriced Nordic real estate market where the strong fundamentals are driven by population growth, urbanisation and stable economies • Having secured its first seed deal, a compelling residential project in Copenhagen, the fund is currently advancing several further attractive opportunities • The fund has a target size of EUR 750 million and is on track to reach a final close during 2027 • CapMan Nordic Infrastructure III, the third vehicle in CapMan Infra’s Nordic infrastructure fund series, held its first close on 24 June 2026 • First close was supported by more than 20 institutional investors, with around one third of commitments coming from outside the Nordics. • Several first closing investors have also reserved capacity for further commitments as fundraising progresses • With a strong pipeline of opportunities across its target sectors, the fund is well positioned to make its first investments during 2026. • Building on strong momentum, the fund is on track to reach final target size of EUR 750 million during 2027
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20 High transaction activity in H1 2026 RE: Residential project, Copenhagen Investment 02/26 Growth III: Liikku fitness chain Investment 02/26 SRE: Police Headquarters, Kristiansand Investment 02/26 nvestors ’ choice I PLATFORM INVESTMENTS 2026 EXITS 2026 Infra I: Valokuitunen Exit 03/26 Resi: Residential property, Stockholm Investment 03/26 RE: Residential properties, Stockholm Investment 03/26 1–6 2026 Half-Year Report Growth III: Kuntolat care services Investment 01/26 Growth III: CSE Simulation Investment 04/26 European Forest IV: Finnish portfolio Investment 04/26 Infra II: HeliAir Sweden Investment 04/26 Infra II: Hansabuss Investment 06/26 NRE III: Office property, Stockholm Exit 05/26 Growth II: Silmäasema Exit 06/26 NRE III: Logistic asset, Turku airport Exit 06/26
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21 • In June 2026 Growth fund II signed the sale of Silmäasema, Finland’s leading vision and eye health company, to Terveystalo Plc and its subsidiary, Terveystalo Healthcare Oy • During CapMan Growth’s ownership period 2020–2025, Silmäasema developed into a market leader in its sector in Finland, and revenue grew steadily and outpaced the market at an average annual rate of 16% • The company’s revenue has more than doubled to EUR 267 million, while EBITDA (IFRS) has quadrupled to over EUR 55 million (2025) • An important driver of Silmäasema’s strong growth and high profitability has been its unique integrated operating model, which covers the full range of eye health services Successful value creation and exit of Silmäasema from Growth fund II Revenue more than doubled and EBITDA quadrupled during holding period Completion of the transaction is subject to approval by the Finnish Competition and Consumer Authority and a resolution by Terveystalo’s Extraordinary General Meeting authorising Terveystalo’s Board of Directors to issue the consideration shares nvestors ’ choice I 1–6 2026 Half-Year Report
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SCALABLE OPERATIONS FEE PROFIT MARGIN* 22 *Fee profit divided by fee income, continuing operations Building scalable operations through systematic deployment of automation and technology imble operations N • Over 20 Nimble Operations development projects completed during 2025, implementation continuing 2026 • Projects focused on: o Enabling scalable revenue growth o Efficiency and cost savings via streamlining, automation and outsourcing • Strong cost control to continue during 2026 • Scalability visible as fee profit margin improvement • Majority of profit uplift will realise as flagship fund fundraisings reach final closes SCALABLE PROFITABLE OPERATIONS 1–6 2026 Half-Year Report 7% 8% 8% 13% 13% 10% 11% 0% 2% 4% 6% 8% 10% 12% 14% 2021 2022 2023 2024 2025 H1/25 H1/26
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DECILE RANK: TREND: TRANSPARENCY LEVEL: INDUSTRY: PRIME STATUS: CapMan’s sustainability work is recognised in international benchmarks with continuously improving scores 2022 2025 Hotels II Nordic Property Income Mandate Residential Nordic Real Estate II Nordic Real Estate III Social Real Estate Nordic Infrastructure I* Nordic Infrastructure II (operational) Nordic Infrastructure II (devt) GRESB provides real asset benchmarks on individual assets and portfolios ESG performance, aligned with the Sustainable Development Goals and the Paris Climate Agreement. ISS STOXX is a leading provider of ESG ratings, evaluating how sustainability-related risks & opportunities are managed across its value chain. Rating date: 16 January 2026 Very high Asset Management & Brokerage Prime 1
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Positioned for profitable growth 24 2025 STRATEGIC TARGET 2027 Fee profit Fee income AUM € 7.2 bn € 58.9 m (0.82% of AUM) € 7.4 m (12.5% of fee income) € 10 bn Grows in line with AUM Grows faster than fee income as business scales Majority of the profitability uplift as funds reach their final closings Q2 (LTM*) € 7.7 bn € 63.1 m (0.82% of AUM) € 8.2 m (12.9% of fee income) *Last twelve months: Q3 2025 – Q2 2026 1–6 2026 Half-Year Report
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25 CapMan’s long - term financial objectives 1–6 2026 Half-Year Report *) Revenue growth excluding carried interest income and items affecting comparability. **) Per annum, excluding items affecting comparability. Financial objectives are excluding items affecting comparability. Revenue growth excluding carried interest* >15% Average annual growth objective Return on equity >20% Equity ratio >50% Distribution policy CapMan’s policy is to pay sustainable distributions that grow over time 1-6 2026: +16% 30 June 2026: 7% ** 30 June 2026: 59% Total dividend distribution expected to be EUR 0.12 per share for 2025 (Continuing operations) (Continuing operations)
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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.
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Q&A Atte Rissanen CFO Pia Kåll CEO Atte Rissanen CFO 27