Good morning and welcome to this presentation of CapMan's Q3 report 2026. Presenting today, we have Pia Kåll, CEO of CapMan, and after presentation, we will have a Q&A session. So you are welcome to send in questions. in the chat. So, Pia, and over to you. Thank you, Charlotte, and welcome also from my side. In the 3rd quarter, CapMan continued strong growth. We realised carried interest from very successful exits, and fundraising continues active towards fund closes now at year-end. Our assets under management at the end of the quarter stand at €7.7 billion, so a 6% growth from the start of the year. Strong closings in the 2nd quarter. And now we're working towards year-end closings in most of the funds that are fundraising. Revenue grew 19% compared to last year. There's a strong fee income growth and also carried interest that is boosting the revenue growth. Comparable EBIT stands at €17.2 million. It's €1.9 million behind last year. Here we have fee profit growth. And carried interest growing EBIT and almost offsetting the lower fair value changes of almost €6 million lower this year than last year. When we look at our assets under management, we have during the year taken in some €550 million of new capital, record-high capital intake in the 2nd quarter. €440 million just that quarter, with the first closings in Infrastructure III and Nordic Real Estate IV fund, and also our Forest IV fund then having a interim closing. Now we are working towards closing at the year-end, both in the flagship funds and also in the open-ended real estate funds. The capital that we have taken in is a good mix of both re-ups from existing investors and also attracting new institutional investors. Primarily coming from Central Europe, German-speaking DACH region, Benelux region, and also North America, Canada, where we have new investors joining us into our funds. At the moment, what investors are looking for is really resilient investments, resilience in 2 aspects, so both predictable, stable, diversified returns. But also investments that are building a more resilient society. And that is what we are doing with our investments, primarily in the Nordics, within real assets. Investing today to build the future society that we want to see. As a responsible owner creating value in our investments, we span a broad portfolio across the Nordics and Europe. Real assets stand for €6.1 billion of our assets under management. This splits into some almost 470 real estate properties split across real estate equity investments and also financing for properties through our real asset debt. investment area. 11 infrastructure portfolio companies and some 225,000 hectares of timberland across Europe. Within private equity and wealth, our portfolio is €1.6 billion, and here, in addition to wealth, spans across 37 portfolio companies. that are strongly growing, and at the moment, some almost 10,000 employees. From a shareholder perspective, the value drivers to look for are really fee profit and carried interest from our asset management, our fund management business, and then, in addition, investment returns from our balance sheet investments. Primarily invested into our own funds to support growth of the fee-generating business. And when we look at the key financials for the first 9 months, fee profit at €6.6 million, slightly up from last year and on average over the past 3 years. Some 19% growth in fee profit. Net carried interest at €3.9 million, above, slightly above the 3-year average, and a clear uptick now in the 3rd quarter with excellent real estate Exit. Investment returns at €6.8 million, at the 3.7% increase in fair value uplift, and the total portfolio at €175 million. Here, our own funds contributed positively across the board, slight negative impact from external fund investments. And when we look at the fee income and fee profitability dynamics, in fee income, an 11% growth compared to last year. Underlying here is Management fees growing 21% on the back of successful fundraising. Service fees this year, and especially this quarter, lower. Last year was an exceptional year in that respect. And here we have some volatility quarter to quarter with, for example, transaction-related fees. Fee profit margin, a 1% growth, margin stable at 14% despite some selected growth initiatives and ramp-up of infradebt. Scalability continues. And if we look at the 3rd quarter alone, fee profit margin in the quarter was 19%. And we continue a strong cost control. And also driving our development projects across increasing efficiency with technology and AI deployment. The efficiency improvements will allow us to take in more assets under management without the cost base growing at the same pace. And the uplift from this one will really be visible when we reach the final closes in the large fundraisings that we have ongoing at the moment. When we look at the balance sheet investments, Good diversified portfolio and continue to have a strong cash position, end of the quarter at €61 million, and the investment portfolio at €175 million. Successful exits throughout the year and also carried interest support a strong cash flow from our investment business. And this is a development that we expect to continue also For the rest of the year. In October, so after the quarter, we signed a new €30 million sustainability-linked loan facility. This will allow us to next year refinance our €40 million bond that is maturing then. Overall, we are moving towards a more capital-efficient balance sheet, where the capital released from our investments will be used to, on one hand, support future growth. Reduce external debt, and also allowing for attractive dividends for shareholders. When we look at the fair value changes, specifically, first 9 months, an uplift of €6.8 million or 3.7%, our own funds contributing €7.7 million. Strongly positive across the board. External funds somewhat taking it down, a negative 2.6% for the quarter. Also here visible that a positive fair value uplift, but still some €5.6 million below last year's uplift. And that is also what's visible when we look at the EBIT bridge. So growing fee profit and carried interest takes us to a €10.4 million EBIT before fair value changes. It's an uplift of 55% and countering a large part of the lower fair value changes in this quarter or this year-to-date number compared to last year. So, taking us to €17.2 million of EBIT. Balance sheet continues solid and strong. Strong cash position, equity ratio above target at 57.9%. And allows us to continue to support growth of the business and execute on our strategy. If we then look ahead and look at the market environment, in the 3rd quarter, we saw a mixed development in the fundraising environment. We have, again, increasing inflation, higher energy prices, raising interest rates that weigh particularly on real estate and core. investment areas. On contrast, then, infrastructure is still attracting a lot of interest from investors, and the Nordic market is attractive for international investors as a stable region with good returns. Overall, also, real assets in general continue to be attractive for investors. Where Asset-backed investments like infrastructure, real estate, timberland allow investors to have more predictable outcomes, more diversified and stable outcomes from their investments. So, in the mid-to-long term, we are in the right position, both segment-wise in real assets and with a strong focus on the Nordics. And also, when we look at external market reports, this market segment is expected to continue to grow double digits over the mid-to-long term. The implementation of our growth strategy continues, both reaching our growth objective, but also the implementation of our 4 strategic CapMan wins programmes. Looking at our AUM development over a longer period, since 2023, we have been growing on average some 19% per year in AUM towards our €10 billion target. Reaching the €10 billion target will happen when our ongoing fundraisings reach their target sizes. And if we look at the fundraisings in more detail across investment areas, And for this and the next year, within real estate, it's really Nordic Real Estate 4, the value-add fund, where we had a first close in June and targeting a second close now during the 4th quarter. Target size at final close for the fund, €750 million. In addition, our open-ended funds especially hotels, residential, and social real estate, continue to attract investors. And also here, we are expecting to hold closes in the 4th quarter. Within infrastructure, the focus is on Nordic Infrastructure 3, a first close in June, and also here working towards a second close still during this year. Target size at final close, €750 million for this fund. Within natural capital, the European Forest Fund 4 is in fundraising. The first close was December last year, and the fund has held additional closings both in Q2 and Q3, and looking for a closing also now in Q4, well on track to reach their target to be above the previous fund, so above €300 million during 2027 final close. Within real asset debt, we see the changes in the fundraising market impacting, and the CAERUS 8 first closing is now expected during 2027. Within infra debt, we are having first investor dialogues and still expect to launch the fundraising for the first fund in that new investment area still during this year. Within Private Equity and Wealth, our Wealth Management side is continuing to take in capital, some €110 million raised already during this year. And several products where they expect capital intake still during the year. And on the Private Equity Credit side, NEST 4, Special Situations 2, and Growth 4 fundraising primarily during next year. In our funds, value creation activity continues high, and also good value uplift seen in the funds. It's also a very good market to invest at the moment. And we have, since the start of the year, done 11 new platform investments, and we have deployed some €280 million of new capital into these investments. We also have good dry powder, so almost €1 billion of dry powder. Committed capital that we can use for new investments. So we are able to take advantage of the good opportunities we see in the market. Real Estate has been active, especially in Denmark and Sweden. In total, 5 investments during the year. Growth, 3 investments into their 3rd fund. And Infrastructure has made 2 investments into the 2nd fund, which is now fully invested, and investment period starts in the 3rd fund. And also, the Forest4 fund made their first investment in the beginning of the year to a Finnish portfolio. If investment activity is high, exit activity is continuing even higher, and some very successful exits during the year. Valokuutonen from Infrastructure 1, Silmäaseva from the 2nd Growth Fund, and also very strong real estate exits where during the 3rd quarter, we exited the final investments in Nordic Real Estate 1, which also generated carry during that quarter. In total, we have distributed almost €500 million of capital back to our investors. During 2026. This is one of the key metrics that investors are looking at at the moment, that the funds are able to actually realise exits and distribute capital. This strong level of almost €500 million is helping our fundraising going forward. And there's more exits in the pipeline, of course, coming. Value creation and development work also continues internally, where through our Nimble Operations strategic programme, we are driving automation, AI deployment across, at the moment specifically, our platform functions, but also expanding that going forward, enabling scalable revenue growth. and more efficiency, and also resulting in cost savings. This, combined with a strong cost control, means that we will be able to take in more capital without the cost base growing at the same pace, and the uplift here really coming strongly through when we get the final closes in place for the now ongoing fundraisings. And on the 4th strategic programme, sustainability. Sustainability, primarily for us, is something we do to increase the financial value of our assets. But it's also good to see that it is recognised in the international benchmarkings. So, in the latest GRESB benchmarking, we improved scores across all funds that participated, and we now have 6 funds that have the full 5-star rating. And we also have 3 funds that are named global and European sector leaders in their sectors: Hotels2, Residential, and Nordic Property Income Fund. In general, across the real estate funds, the uplift was driven by better energy and emissions efficiency in our properties. And as said, all funds improving. Within infrastructure, we can see the transition work that we're doing, so strong improvements year over year. In the first fund, Koivistonauto, a top scorer in their segment. The district heating assets, Loviisan Lämpö, Nydalen Energi, also improving their scores. And in the second fund, lifting one company there, Skarta, being first of the peers in its own group. So, overall, continuing on the path towards profitable growth, towards our AUM target of €10 billion. Last 12-month numbers now at €7.7 billion. Fee income growing. Largely in line with the AUM growth and fee profit scaling. Last 12-month number is now at €7.4 million. Looking at our long-term financial objectives, year-to-date, 11% fee income growth, slightly below the 15% target. But as I said, management fees, for example, growing 20% now year-to-date. Return on equity at 10%, equity ratio at 58%, above the target. And distribution policy to pay sustainable distributions that grow over time. During this year, on the back of 2025, we have paid a 12 cent per share. Dividend. The outlook estimate for the year remains unchanged. So, assets under management growing and also fee profit growing compared to last year. Thank you. Thank you very much, Pia. We also welcome Atte Rissanen to the stage, CFO of CapMan, for the Q&A session. So, let's start with the questions. Hi, good morning. Jaakko Tyrväinen from SEB. A couple of questions. Let's take them one by one. The fee margin, firstly, did not bounce or basically was flat quarter on quarter. Pia, you already mentioned transaction-related fees. But could you help us understand a bit on the underlying performance there? Was the deviation or the delta purely on the transaction fees? What should we expect looking forward here? Pia, if you drill down to that figure, you can see that management fees during the first 9 months grew by 21% and also 13% compared to Q3 now in '26 versus that of '25. The positive contributing factors behind that growth is, of course, the raised AUM during the beginning of this year and the last 12 months. But then again, you have to account for exits and the AUM-based erosion of the old AUM, which is partially offsetting the impact of the new AUM that is taken in. So all in all, the recurring side of the fee income development very much as foreseen, no surprises there. But then it is, yes, mainly the transaction-linked items, both in funds and in the service line, that are moderating the fee income growth. But I think, yeah. And a very strong, exceptionally strong Q3 last year with some items moving between the quarters there, making it exceptionally strong as a comparison period. Yeah, that's, of course, good to note that when you look at sort of the development one single quarter, there's always, especially on the service side and the transaction-linked, there's variation, volatility between quarters, as they don't necessarily take place exactly in the same quarters. Thanks. To address that, so fee income during the first 9 months in total, of course, grew by 11%, as stated by Q3 '25 was very, very strong in terms of of those transaction-linked items. Good, good. Thank you on that one. Then regarding on the communicated next closing rounds on the flagship funds, In this case, will you be booking retroactively the fees from the first 6 months after the funds initiated? Yes. So the closed-end funds work normally so that basically investors that come in at consecutive closings, provide a bit more color on the muted fair value changes during the quarter? Which strategies or asset classes were up and which perhaps were down? need to pay the management fees as they would have if they would have been there from the first close of the fund. That's how you ensure the fair treatment of all the fund investors. Otherwise, the Later arrivals would have a sort of a free ride in terms of that. Then, Gucci. So the majority of our own funds, or all of our own funds, have been contributing positively during the first 9 months, and strong development continued during Q3. The fair value changes Well, again, it's investments that go up and down. Volatility is to be expected. But the main negative driver during Q3 and the beginning of or the whole of '26 year-to-date is the external fund investments. There is no individual fund that— where there would have been a major change, so it's It's positive across the board. Slightly lower positive than last year. And last year, the external ones were positive as well. So that's making a larger— the largest delta there. Good, thanks. Then my final one, you know, the more challenging fundraising in real estate. Is this just the rise in the rates that we've seen since summer, or are there any kind of new themes that worry you? investors? I think it's the same, same themes as all the time. So the increase in rates and the kind of the cocktail of all of the things— inflation, energy prices, geopolitical uncertainty, and now also the increasing rates. It is not affecting real estate or any of the asset classes evenly. So it is a mixed picture. So it is the more core strategies that it is weakening the most, whereas value-add and Nordic as a region is still very attractive. And what we primarily see is decision-making maybe again being slightly slower in some asset classes from the investor side. Good, thank you. Hi, it's Patrick Campbell from Nordea. Just maybe going back to the mixed market environment, does this have any impact on kind of upcoming exits? And are kind of timelines and exit conditions still supportive from your perspective, or are there any changes in your view? So I think the transaction market held up better than maybe the fundraising market during the 3rd quarter. There was a change also, also here in real estate during the 3rd quarter. So transaction market slowing down. It didn't hinder us from doing good exits in real estate in the 3rd quarter. So overall, I would say that on the exit side, no major changes in the market and good assets, you're always able to exit. All right, great. And then just maybe following up on the market, how are you kind of seeing investors reacting to these changing conditions? So like I said, mostly through slower decision-making, if anything. And what we see, especially in Central Europe, which is also where we've raised a lot of capital now is that there is an appetite for real asset strategies. The investors are looking to diversify in a volatile market, looking for investments where it's more predictable, the outcome. And when you have an asset-backed investment, that is usually what you get. So it's strengthening the case for real assets overall. Infrastructure extremely interesting for investors at the moment. And then, like I said, maybe in real estate where you in some sectors see a bit of slowdown. All right, thank you. Hi, good morning. Sauli Vilén from Inderes. About your personal level, it came down second quarter in a row, obviously talking small numbers here, but is this something you are aiming for? It's normal fluctuations between the quarters, so no one, like you say, very, very small differences. Okay. Then about your organic cost growth, if I calculated correctly, excluding CAERUS, your organic cost growth is around 7% during the 9— first 9 months or so. Is that level what you were aiming for? Is there anything special, and is that like a run rate we should be looking— look forward when we move on? Thanks for the question, Sauli. As you mentioned, yeah, on the personal expenses side, CAERUS has been the main contributing factor to the fixed salary and fixed personal expense development. If you take that from the equation, it's mainly related to just accruals on the personnel side and variable items, also reflecting of the AUM intake we've been during the first 9 months. On the other operating expenses side, excluding CAERUS, there's the placement agent fees, and then there is, in addition to that, expenses related to the ramp-up of the infra debt investment strategy. So I think going forward on the personal expenses side, the fixed base has been developing very moderately, as you mentioned also in terms of the overall headcount figure, and we, of course, keep good control over that and aim to keep good control over that going forward on the other operating expenses side. It's the main drivers of the placement agent fees, infra debt that have been growing, but otherwise, very sort of stable development. And we hope to keep that also going forward. Okay, thanks. Then, about continuing with the same topic, on the other end of the coin, so to speak, the fee profit for the 9 months is, give or take, flat. I'm pretty sure that, that that's not the level you aimed when we start— when you started the year. So can you elaborate a bit, like, what drivers has moved differently than you expected since, well, you are only 1% up? At the moment, on the absolute fee profit level, yes, that's true. We are up just 1% compared to last year. But if we talk about the relative fee profitability, that has been developing good. Especially during the 6 months. And now, going into Q3, we had a fee profit margin of 19%, just Q3 alone, but the comparison period Q3 '25 was very, very strong, 25%. So, I think we held up quite nicely compared to the very strong comparison. Period, and the trend overall remains. But as we've stated, and Pia stated in her presentation previously, the majority of the fee profit uplift will materialise when we approach the final closings of our flagship strategies and the largest funds. It takes time. And yeah, but the outlook for the remainder of the year remains intact. And during Q4, we expect Expect the. positive development to continue. Okay, then you booked some M&A costs during Q3. I mean, they were like, well, about the same size as the Kairos deal back in the day. So, I mean, you obviously have done something. So, want to elaborate on that? So, we are, like we've also stated, we are all the time exploring options also for inorganic growth. Sometimes they materialise, sometimes they're not. Sometimes there are costs related to them, and the fit and timing needs to be in place for a deal to actually come through. Then a couple of housekeeping things about the Dassault and Kairos earnouts. Kairos earnout is coming to an end, I think, around this time, and the Dassault should be coming to an end at the year-end, right? So, are the original figures you have on your books still relevant on those? We don't expect any earnout payments to materialise. On neither? Okay, that's good. Thank you. Okay, that was the questions for today. So, thank you very much. And we say goodbye and wish everyone a nice day. Thank you. Thank you.