Overview
Financial overview
Equity research
CapMan today announced a majority acquisition (51%) of German real estate debt specialist CAERUS. The in our view attractive acquisition already on standalone basis will provide further long-term growth potential and strengthen CapMan’s international presence.
CapMan reported better than expected profitability in Q1 through investment returns. Fundraising has seen delays, but the pipeline remains attractive. We continue to see significant earnings growth in 2025.
CapMan’s Q1 profitability was better than expected, with EBIT of EUR 6.9m (Evli 5.9m), as fair value changes of EUR 5.9m clearly exceeded our EUR 3.0m expectations. Fee income grew 8% and fee profit 46% y/y.
CapMan held its CMD on March 11th, which in our view brought no notable changes to the bigger picture. Growing fee income and profitability remain at the core, with options for new strategic initiatives supported by the strong balance sheet.
CapMan’s Q4 results were better than expected through good investment returns. Our expectations for 2025 reflect clear earnings improvement, with an in our view interesting near-term ahead due to significant fundraising activity and potential use of the strong cash position.
CapMan’s Q4 results came with a pleasant surprise through higher than anticipated investment returns and EBIT of EUR 5.6m beat our expectation of EUR 2.1m. The BoD expects the dividend distribution for 2024 to be EUR 0.14 per share (Evli EUR 0.14).
CapMan reports Q4 results on February 13th. Fundraising activities are of more interest, with financials for the quarter expected to be on the softer side.
Operatively CapMan’s Q3 fell short of our expectations mainly due to negative fair value changes, while the Management Company business profitability continued to develop nicely. The near-term outlook remains soft and we have pushed forward our expectations for market aided recovery.
CapMan’s Q3 results were below our and consensus expectations. On our estimates the main deviations came from FV changes (EUR -0.8m/2.0m act./Evli) and the classification of CaPS as discontinued operations. The relative profitability of the Management Company business was better than expected on lower than estimated turnover.
CapMan announced the divestment of CaPS for EUR 75m. In the short term, the transaction is slightly negative through the loss of a highly profitable business, but the proceeds provide an additional avenue to grow CapMan’s core business.
Annual financials
Quarterly financials
Assets
Equity and liabilities
Cashflow
Environment
Social
Governance
Videos
Annual and sustainability reports
Company news
CapMan Plc
Stock Exchange Release / Managers' Transactions
7 July 2025 at 15:00p.m. EET
CapMan Plc Managers' Transactions - Olsson
CapMan Plc has received the following notification under Article 19 of the Market Abuse Regulation from Olsson, Anna.
____________________________________________
Person subject to the notification requirement
Name: Olsson, Anna
Position: Other senior manager
Issuer: CapMan Oyj
LEI: 743700498L5THNQWVL66
Notification type: INITIAL NOTIFICATION
Reference number: 743700498L5THNQWVL66_20250707085406_48
____________________________________________
Transaction date: 2025-07-04
Venue: XHEL
Instrument type: SHARE
ISIN: FI0009009377
Nature of the transaction: ACQUISITION
Transaction details
(1): Volume: 15000 Unit price: 1.9218 EUR
Aggregated transactions
(1): Volume: 15000 Volume weighted average price: 1.9218 EUR
CAPMAN PLC
Tiina Halmesmäki
General Counsel
Distribution:
Nasdaq Helsinki
Principal media
www.capman.com
About CapMan
CapMan is a leading Nordic private asset expert with an active approach to value creation and €6.1 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, 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 and Luxembourg. We are listed on Nasdaq Helsinki since 2001. www.capman.com
CapMan Plc press release
19 June 2025 at 10:40 a.m. EEST
CapMan Plc and CAERUS Debt Investments AG enter partnership and launch new investment area CapMan Real Asset Debt
CapMan Plc ("CapMan") and CAERUS Debt Investments AG ("CAERUS") have today signed an agreement where CapMan acquires 51 per cent of the shares of CAERUS from the company's current shareholders.
CAERUS is a leading manager for real estate debt investments in Germany and one of the pioneers in the market. With its long presence in the market and strong track-record, CAERUS has demonstrated its expertise in sourcing and selecting attractive investment opportunities for institutional investors. With a team of 12 investment professionals, CAERUS offers tailored real estate debt financing across nearly all real estate segments with a focus on the DACH and Benelux regions. Since its inception in 2014, CAERUS has raised in total EUR 2.6 billion and today has seven active funds, with some EUR 700 million of assets under management.
CapMan is a leading Nordic private asset expert with a focus on real asset investments and an active approach to value creation. CapMan currently has EUR 6.4 billion in assets under management spanning real estate, infrastructure, natural capital and private equity. CapMan has 200 employees across seven offices in the Nordics, London and Luxembourg. The largest investment area, CapMan Real Estate has a team of more than 80 investment professionals and asset managers that manage funds and mandates across value-add and specialised income strategies with total assets under management of EUR 3.5 billion.
With the partnership CapMan establishes a new investment area CapMan Real Asset Debt, which complements the existing real estate, infrastructure and natural capital investment areas and further strengthens CapMan's focus on real asset investments. The partnership is aligned with CapMan's growth strategy and supports the strategic objective of reaching EUR 10 billion of assets under management through scaling existing real asset funds, launching new products and targeted acquisitions.
The market for private real asset debt is large and well-established with an attractive growth outlook. Private real estate debt offers competitive solutions for borrowers in complex situations when e.g. bank financing is limited or unavailable. For institutional investors it is an attractive asset class with several benefits such as stable yield, downside protection, diversification and attractive risk adjusted returns.
"This is a significant step for CapMan that further strengthen our focus on real asset investments and expands our presence to Germany. Real asset debt is a natural addition to our existing offering and an area where we see increasing demand and investor interest. I'm impressed with CAERUS' extensive experience in the area, and excited to join forces with founder and CEO Michael Morgenroth and his team. They have a demonstrated ability to deliver sustainable returns to their investors over the cycles and an entrepreneurial mindset to developing their business. These are values that align with those of CapMan perfectly," says Pia Kåll, CEO of CapMan.
"The whole CAERUS team is thrilled to partner with CapMan and look forward to this next chapter. CapMan's platform and strong presence in the Nordics especially within real estate provides us access to asset management resources and local market understanding that offer interesting expansion opportunities. At the same time, we can support CapMan's investment teams with local knowledge of the DACH and Benelux regions. By pooling our expertise, we are further expanding our market position in continental Europe and enabling our clients to benefit from this stronger market presence," says Michael Morgenroth, founder and CEO of CAERUS.
At closing of the transaction Michael Morgenroth will be appointed to CapMan's Management Group as Managing Partner for Real Asset Debt investment area.
The acquisition is expected to be completed during the third quarter of 2025 after customary closing conditions have been fulfilled.
For more information, please contact:
Charlotte Wessman, CapMan Head of Communications, +46 734 290832
About CapMan
CapMan is a leading Nordic private asset expert with an active approach to value creation and €6.4 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, 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 and Luxembourg. We are listed on Nasdaq Helsinki since 2001. Learn more at www.capman.com.
About CAERUS
CAERUS Debt Investments AG (CAERUS), founded in 2012 and based in Düsseldorf, is the leading independent provider of institutional real estate debt investments in continental Europe. CAERUS is one of the pioneers in the real estate debt market segment and finances real estate projects and transactions in continental Europe with a focus on the DACH region and the Benelux countries. As an investment advisor, CAERUS acts for Luxembourg-based multi-investor funds as well as for individual mandates and offers institutional investors attractive access to real estate debt investments, taking into account their specific regulatory requirements. To date, CAERUS has launched seven real estate debt funds, which have received around EUR 2.6 billion in capital commitments from institutional investors and financed a loan volume of around EUR 2.7 billion. The team's extensive expertise and many years of experience in the areas of financing and real estate investment make CAERUS a reliable and trustworthy partner for institutional investors and borrowers alike. www.caerus.ag
CapMan Plc Stock Exchange Release / Inside information
19 June 2025 at 8:55 a.m. EEST
Inside information: CapMan Plc acquires majority of German based real estate debt specialist CAERUS Debt Investments AG and launches new investment area Real Asset Debt
CapMan Plc ("CapMan") has today signed an agreement on the acquisition of 51 per cent of the shares of CAERUS Debt Investments AG ("CAERUS") from the company's current shareholders.
CAERUS is a leading manager for real estate debt investments in Germany and one of the pioneers in the market. They offer institutional investors access to real estate debt investments through funds and individual mandates, with some EUR 700 million of assets under management currently.
With the transaction CapMan establishes a new investment area Real Asset Debt, that complements the existing real estate, infrastructure and natural capital investment areas and further strengthens CapMan's focus on real asset investments. The acquisition is aligned with CapMan's growth strategy and supports the strategic objective of reaching EUR 10 billion of assets under management through scaling existing real asset funds, launching new products and targeted acquisitions.
Key highlights of the transaction:
- CapMan enters partnership with CAERUS founder and CEO Michael Morgenroth by acquiring 51 percent of the share capital in CAERUS
- CapMan's fee-generating assets under management increase by some EUR 700 million as a result of the transaction
- The transaction is expected to have a slightly positive impact on CapMan's fee income and fee profit in 2025 and it does not have an effect on CapMan's outlook estimate for 2025
- In 2024, the fee profit of CAERUS was EUR 1.7 million (EUR 1.7 million in 2023)
Private real asset debt is a large, well-established market with an attractive growth outlook. Private real estate debt offers competitive solutions for borrowers in complex situations when e.g. bank financing is limited or unavailable. For institutional investors it is an attractive asset class with several benefits such as stable yield, downside protection, diversification and attractive risk adjusted returns.
CAERUS was founded in 2012 as one of the first real estate debt investment managers in Germany. With its long presence in the market and strong track-record, CAERUS has demonstrated its expertise in sourcing and selecting attractive investment opportunities for investors. With a team of 12 investment professionals, they offer tailored real estate debt financing across nearly all real estate segments with a focus on the DACH and Benelux-region. Since its inception, CAERUS has raised in total EUR 2.6 billion and today has seven active funds.
"This is a significant step for CapMan that further strengthen our focus on real asset investments and expands our presence to Germany. Real asset debt is a natural addition to our existing offering and an area where we see increasing demand and investor interest. I'm impressed with CAERUS' extensive experience in the area, and excited to join forces with founder and CEO Michael Morgenroth and his team. They have a demonstrated ability to deliver sustainable returns to their investors over the cycles and an entrepreneurial mindset to developing their business. These are values that align with those of CapMan perfectly," says Pia Kåll, CEO of CapMan.
"The whole CAERUS team is thrilled to partner with CapMan and look forward to this next chapter. CapMan's platform and strong presence in the Nordics especially within real estate provides us access to asset management resources and local market understanding that offer interesting expansion opportunities. At the same time, we can support CapMan's investment teams with local knowledge of the DACH and Benelux regions. By pooling our expertise, we are further expanding our market position in continental Europe and enabling our clients to benefit from this stronger market presence," says Michael Morgenroth, founder and CEO of CAERUS.
Main terms of the acquisition
The transaction is based on a debt and cash free valuation of up to EUR 13 million for 100 per cent of CAERUS, including a potential earn-out consideration. In the transaction CapMan acquires 51 per cent of the share capital with a debt and cash free up-front consideration of EUR 4.0 million at closing and an earn-out consideration of up to EUR 2.6 million, subject to CAERUS reaching certain operational targets during 2026. The up-front and potential earn-out consideration will be paid in cash. No external financing will be used to finance the acquisition.
Michael Morgenroth, founder and CEO of CAERUS will retain a 49 per cent ownership through his 100 per cent owned holding company MOMO Beteiligungs GmbH. At closing of the transaction Michael Morgenroth will be appointed to CapMan's Management Group as Managing Partner for Real Asset Debt investment area.
The acquisition is expected to be completed during the third quarter of 2025 after customary closing conditions have been fulfilled.
CAPMAN PLC
Board of Directors
Contact details:
Pia Kåll, CEO, CapMan Plc, +358 40 766 4446
DISTRIBUTION
Nasdaq Helsinki
Principal media
www.capman.com
About CapMan
CapMan is a leading Nordic private asset expert with an active approach to value creation and €6.4 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, 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 and Luxembourg. We are listed on Nasdaq Helsinki since 2001. Learn more at www.capman.com.
CapMan Plc press release
2 June 2025 at 10:00 am EEST
CapMan appoints James O'Neill as Managing Director to its Fund Investor Relations team to serve its growing and internationalising investor base
CapMan is pleased to announce the appointment of James O'Neill as Managing Director, Real Estate to its Fund Investor Relations team. This strategic recruitment underscores CapMan's commitment to expanding its investor relations and fundraising capabilities and driving growth in the international private real asset sector.
CapMan Real Estate has over the past years demonstrated remarkable growth in its Nordic real estate product offerings, ranging today from value-add funds to open-ended income-oriented funds investing in residential, hotel, and public sector real estate. Since 2013, its Nordic strategies have successfully raised over EUR 3.6 billion from a global institutional investor base. This achievement highlights CapMan Real Estate's ability to attract international capital and deliver exceptional value to its investors.
James O'Neill brings over 20 years of experience in international real asset fundraising and business development as he joins CapMan. He has previously held key positions as Executive Director and Head of Equity Placement UK at CBRE Capital Advisors and as Head of International Distribution at Legal & General Investment Management, Real Assets.
"We are thrilled to welcome James O'Neill to our team at a time, when real assets already account for three quarters of CapMan's EUR 6.4 billion asset under management," says Mari Simula, Head of Fund Investor Relations at CapMan.
"O'Neill's expertise, global institutional investor network, and deep understanding of private market dynamics will be instrumental in advancing our fundraising initiatives and achieving our strategic objectives," adds Mika Matikainen, Managing Partner of CapMan Real Estate.
In his new role, O'Neill will be responsible for developing and executing fundraising strategies, identifying potential investors, and managing investor relations primarily for CapMan's real estate funds.
"I am excited to join CapMan and contribute to its successful and growing real assets product offering," says O'Neill.
"CapMan has a unique position across private markets in the Nordics, and I look forward to working with the team to continue developing our investment strategies and deepening relationships with our investors," he continues.
This appointment supports CapMan's objective to increase its assets under management to EUR 10 billion during the ongoing strategy period.
For more information, please contact:
Mari Simula, Head of Fund Investor Relations, CapMan, mari.simula@capman.com
Mika Matikainen, Managing Partner, CapMan Real Estate, mika.matikainen@capman.com
About CapMan
CapMan is a leading Nordic private asset expert with an active approach to value creation and €6.4 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, 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 and Luxembourg. We are listed on Nasdaq Helsinki since 2001. www.capman.com
CapMan Plc
Stock Exchange Release / Q1 Interim Report
9 May 2025 at 8:00 a.m. EEST
CapMan Plc 1-3 2025 Interim Report
Results for continuing operations and significant events in 1-3 2025:
CapMan has classified CaPS business as a discontinued operation in the income statement and restated the comparison periods' figures accordingly.
- Assets under management EUR 6.4 billion 31 March 2025 (EUR 6.1 billion 31 December 2024)
- Group revenue was MEUR 13.0 1 January-31 March 2025 (MEUR 15.6 1 January-31 March 2024)
- Fee income was MEUR 13.0 (MEUR 12.0)
- Carried interest was MEUR -0.0 (MEUR 3.5)
- Operating profit was MEUR 6.9 (MEUR 5.6) and comparable operating profit was MEUR 7.2 (MEUR 6.9)
- Fee profit was MEUR 1.5 (MEUR 1.0)
- Fee profit before group costs was MEUR 2.2 (MEUR 1.9)
- Diluted earnings per share were 2.3 cents (0.8 cents) and comparable diluted earnings per share were 2.5 cents (1.5 cents)
- In March, CapMan Real Estate fund CapMan Hotels II closed the acquisition of Midstar Fastigheter AB's hotel portfolio, growing CapMan's assets under management by EUR 0.4 billion
This stock exchange release is a summary of CapMan Plc's Interim Report for the period 1 January-31 March 2025. 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 has had an excellent start to the year. Fee income grew 8% and continued scale benefits supported a fee profit growth of 46%. At the end of March, we closed one of the largest transactions of its kind, as CapMan Hotels II fund acquired Midstar Fastigheter AB's hotel portfolio. The transaction doubled the size of the fund and grew CapMan's assets under management with EUR 400 million. CapMan's total assets under management at the end of the first quarter stood at EUR 6.4 billion, an increase of 6% from the beginning of the year.
In our Capital Markets Day on 11 March 2025, we re-iterated our growth objective to reach EUR 10 billion assets under management during the strategy period. With the structural moves we have completed, including the establishment of Natural Capital, strong organic growth of Infra and Real Estate, and divestment of service businesses, CapMan is positioned for profitable growth.
The increased geopolitical turmoil and tariffs have limited direct impact on CapMan's fee generating business, which is based on fee income from long-term predictable agreements. However, the increased uncertainty is likely to prolong fundraising processes.
The year has started with strong activity
Real Estate has completed several transactions with Nordic Real Estate III fund making two new investments and the Hotels II fund's transformative acquisition of Midstar Fastigheter. The Midstar portfolio consists of 28 hotel properties, making the fund a leading private Nordic hotel platform. The properties are located in major metropolitan areas such as Copenhagen, Stockholm, Gothenburg, and Oslo in addition to regional hotels in prime locations.
CapMan's DNA of active value creation is a strategic advantage especially in turbulent economic times. By working closely with our assets, we actively enhance value, adopt to changing external requirements and work to future-proof the assets. During the first quarter several refurbishment projects have been announced within Real Estate and for the Midstar portfolio, value creation work has already started, aiming to reduce operating expenses and emissions, and create positive social impact.
Within private equity we increased the share of portfolio companies with Science-Based Target emission reduction plans in place to 17%, as Hydroware and Netox had their targets validated.
Fundraising in flagship funds ongoing
CapMan Wealth's annual Investment Partners program held its final close for the fourth fund in March, at a record USD 120 million. Since the inception in 2021 the program has raised in total some USD 330 million.
Fundraising for the flagship funds Nordic Real Estate IV and European Forest Fund IV are ongoing, and both funds are seeking to significantly increase fund size compared to earlier vintages. Investor response to both funds is positive, but with the increased geopolitical uncertainty investors are postponing decision making, which pushes the target for first closes to the latter part of the year. Market turmoil also creates opportunities. CapMan has a strong balance sheet and strong solidity, and in addition to scaling existing products, we continue to explore growth by introducing new products, as well as, evaluating selected acquisitions.
Pia Kåll
CEO, CapMan Plc
Key figures
| MEUR | 1-3/25 | 1-3/24 restated |
| Continuing operations: | ||
| Operating profit | 6.9 | 5.6 |
| Items impacting comparability | 0.3 | 1.3 |
| Comparable operating profit | 7.2 | 6.9 |
| Result for the period | 4.9 | 3.6 |
| Items impacting comparability | 0.3 | 1.2 |
| Comparable result for the period | 5.1 | 4.8 |
| Earnings per share, cents | 2.3 | 0.8 |
| Items impacting comparability, cents | 0.2 | 0.7 |
| Comparable earnings per share, cents | 2.5 | 1.5 |
| Earnings per share, diluted, cents | 2.3 | 0.8 |
| Items impacting comparability, cents | 0.2 | 0.7 |
| Comparable earnings per share, diluted, cents | 2.5 | 1.5 |
| % | 31 Mar 25 | 31 Mar 24 restated |
| Return on equity, % p.a. | 9.8 | 15.3 |
| Return on equity from continuing operations, comparable, % p.a. | 10.4 | 15.0 |
| Equity ratio, % | 57.4 | 50.1 |
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 2025
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 2025.
CapMan estimates assets under management to grow in 2025. The company estimates fee profit also to grow in 2025. 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/q1-2025. The conference 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 2025 Interim Report
About CapMan
CapMan is a leading Nordic private asset expert with an active approach to value creation and €6.4 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, 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 and Luxembourg. We are listed on Nasdaq Helsinki since 2001. www.capman.com
CapMan Plc press release
5 May 2025 at 10:00 am EEST
Jyri Hietala appointed as Managing Partner at CapMan Natural Capital and member of CapMan's Management Group
CapMan has appointed Jyri Hietala as Managing Partner for CapMan Natural Capital. Jyri will together with newly appointed Co-Managing Partner Tapani Pahkasalo take leadership of the Natural Capital investment area, which plays a key role for CapMan Plc in achieving its growth ambitions. This appointment is part of a planned transition as current Managing Partner Olli Haltia steps into a Senior Advisor role. Jyri will start in his position at the latest in October 2025.
Jyri joins CapMan with a strong track record from nearly a decade in forest investments. Once he starts his new position, he also becomes a member of CapMan Plc's Management Group. As a part of the succession plan Olli Haltia, will continue as Senior Advisor, remaining committed to previous investment agreements. Olli has done a tremendous job over the past 20 years in building Dasos Capital, these days CapMan Natural Capital, into one of the largest forest investment managers globally.
Tapani Pahkasalo has been appointed as Co-Managing Partner for CapMan Natural Capital, already earlier this year. Tapani, with his many years of experience at Dasos Capital, and Jyri, will together take the lead of the team. The new leadership provides an optimal setup to continue grow the Natural Capital investment area. The Natural Capital team has earlier this year, initiated fundraising for its next flagship fund.
"With Jyri joining we're well on our way to build the strongest natural capital team in Europe, combining strong professionalism and team members who complement each other. This is an investment in a team and strategy for which we see growing demand and that plays an important part in CapMan Plc reaching its growth ambitions. I also want to take this opportunity to thank Olli Haltia for the trust to form this partnership with CapMan Group through which Dasos Capital has integrated into CapMan Natural Capital", shares Pia Kåll, CEO at CapMan.
"I am extremely happy to see Jyri take the lead at CapMan Natural Capital. His extensive experience, connections in the industry and strong team leadership skills place him in a great position for success in his new role", shares Olli Haltia, Managing Partner at CapMan Natural Capital.
"I'm honoured to join CapMan Natural Capital as the Managing Partner and to become part of CapMan's Management Group at such a pivotal moment for both the company and the natural capital sector. CapMan's strong platform, long-term vision, and commitment to sustainability create a unique opportunity to drive meaningful impact. I look forward to working closely with Tapani Pahkasalo and the wider team to build on the legacy established by Olli Haltia, and to help elevate this increasingly strategic Natural Capital investment area into one of the key pillars of CapMan's future growth", shares Jyri Hietala.
CapMan Natural Capital manages sustainable forestry investments, natural sites and forest carbon sinks, as well as develops value in Europe and emerging markets. CapMan expanded into this growing field of forest- and natural capital investing with the acquisition of Dasos Capital in 2024. With a team of skilled professionals combining financial expertise and hands-on forestry know-how, CapMan Natural Capital drives effective and sustainable operations, working actively to create value, not only for investors but also for the climate and for increased biodiversity.
For more information, please contact:
Pia Kåll, CEO, CapMan, +358 40 766 4446
About CapMan
CapMan is a leading Nordic private asset expert with an active approach to value creation and €6.1 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, 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 and Luxembourg. We are listed on Nasdaq Helsinki since 2001. www.capman.com
CapMan Plc press release
30 April 2025 at 9.00 a.m. EEST
CapMan to publish its 1-3 2025 Interim Report on Friday 9 May 2025
CapMan will publish its interim report for the period 1 January-31 March 2025 on Friday 9 May 2025 around 8.00 a.m. EEST.
The company will present the results for the review period over a webcast starting at 9.30 a.m. EEST accessible at https://capman.events.inderes.com/q1-2025. The result presentation is followed by a Q&A. The conference will be held in English. The report and presentation material will be available at CapMan's website after the publication (https://capman.com/shareholders/result-reports/).
Contact details:
Tuija Ottoila, Investor Relations, +358 50 458 4549
About CapMan
CapMan is a leading Nordic private asset expert with an active approach to value creation and €6.1 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, 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 and Luxembourg. We are listed on Nasdaq Helsinki since 2001. Learn more at www.capman.com.
CapMan Infra press release
28 April 2025 at 8:30 am EEST
CapMan Infra's data centre platform expands with acquisition of three high quality data centers in Sweden
CapMan Infra's data centre platform acquires three data centres from EcoDataCenter, two in Stockholm and one in Piteå, northeast Sweden. The three data centres provide an excellent strategic fit for CapMan Infra's northern European platform by allowing for growth opportunities in the Swedish market.
CapMan Infra's data centre platform, soon to be renamed to Kolo DC, has agreed to acquire two data centres in Stockholm and one in Piteå from EcoDataCenter. These facilities offer Tier 3 equivalent redundancy, high security, state-of-the-art infrastructure, and a clientele that includes blue-chip customers. They also feature sustainable solutions such as solar panels and connections to district heating networks for heat reuse and support for high performance computing (HPC) and AI workloads.
This is CapMan Infra's third investment in its growing northern European data centre platform providing European-wide connectivity. The platform currently operates data centres in the Netherlands and Denmark, and these new investments will mark an entry to the Swedish market, creating opportunities to accelerate growth in the region and attract a diverse range of international clients. The Piteå data centre, in particular, offers a cold climate, low total cost of ownership, and proximity to renewable energy sources, making it ideal for AI customers seeking sustainable and cost-effective solutions.
"We are very pleased to make this investment into three high-quality data centres and grow our data centre platform in Sweden, a market where we see vast potential. We look forward to continue developing the sites as part of our growing platform," says Harri Halonen, Partner at CapMan Infra.
"We believe we've found the ideal buyer in CapMan, a partner with a commitment to further develop these data centres and maximize the potential they have", shares Peter Michelson, CEO at EcoDataCenter.
"I am excited to welcome these three data centers into our expanding platform. Their advanced capabilities, particularly in supporting AI workloads, position us to serve a rapidly growing market demand. This strategic expansion strengthens our presence in the Nordic region and offers our existing and prospective clients cutting-edge infrastructure to advance their AI initiatives," says Maria Sundvall, CEO at CapMan Infra's Datacenter Platform.
The transaction is expected to be completed within the second quarter of 2025.
The CapMan Nordic Infrastructure II fund is an Article 8 fund with a clear sustainability strategy, aiming to create value by accelerating the green transition in its portfolio companies. The fund has already made six investments: two in its growing data centre platform, in solar energy company Skarta Energy, in Napier, a leading provider of transportation infrastructure for the aquaculture industry, in Haminan Energia's district heating and electricity network businesses and in ProPellet, a heat-as-a-service operator and bioenergy producer.
CapMan Infra is an active and committed owner, and its activities are based on the operational development and growth of infrastructure companies through additional investments. Based in Helsinki and Stockholm, its team of 15 professionals actively seeks to find the best possible solutions for developing and growing infrastructure together with asset owners, management, personnel and customers.
For more information:
Harri Halonen, Partner, CapMan Infra, +46 768 710 062
Maria Sundvall, CEO, Capman Infra's Datacenter Platform, +46 767 633 300
About CapMan
CapMan is a leading Nordic private asset expert with an active approach to value creation and €6.1 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, 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 and Luxembourg. We are listed on Nasdaq Helsinki since 2001. www.capman.com
About EcoDataCenter
EcoDataCenter is a Swedish company dedicated to providing sustainable and high-performance data center solutions. In 2019, EcoDataCenter opened its first data center, combining cutting-edge technology with a commitment to environmental responsibility, establishing itself as a leader in sustainable data center operations. For more information, visit https://ecodatacenter.tech/
CapMan Plc
Stock Exchange Release / Managers' Transactions
28 March 2025 at 5.00 p.m. EET
CapMan Plc Managers' Transactions - Fagerholm
CapMan Plc has received the following notification under Article 19 of the Market Abuse Regulation from Fagerholm, Catarina.
____________________________________________
Person subject to the notification requirement
Name: Catarina Fagerholm
Position: Member of the Board/Deputy member
Issuer: CapMan Oyj
LEI: 743700498L5THNQWVL66
Notification type: INITIAL NOTIFICATION
Reference number: 102230/5/4
____________________________________________
Transaction date: 2025-03-28
Venue: NASDAQ HELSINKI LTD (XHEL)
Instrument type: SHARE
ISIN: FI0009009377
Nature of transaction: ACQUISITION
Transaction details
(1): Volume: 26071 Unit price: 1.88 EUR
(2): Volume: 700 Unit price: 1.873 EUR
(3): Volume: 37 Unit price: 1.874 EUR
(1): Volume: 181 Unit price: 1.878 EUR
Aggregated transactions (1):
Volume: 26989 Volume weighted average price: 1.8798 EUR
CAPMAN PLC
Tiina Halmesmäki
General Counsel
Distribution:
Nasdaq Helsinki
Principal media
www.capman.com
About CapMan
CapMan is a leading Nordic private asset expert with an active approach to value creation and €6.1 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, 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 and Luxembourg. We are listed on Nasdaq Helsinki since 2001. www.capman.com
CapMan Plc
Stock Exchange Release / Other information disclosed according to the rules of the Exchange
25 March 2025 at 6:10 p.m. EET
CapMan establishes a new long-term share-based incentive plan
CapMan Plc's Board of Directors has resolved to establish a new long-term share-based incentive plan (Performance Share Plan 2025) for the CEO, Management Group and selected key employees. The new plan is established as the final performance period of the previous Performance Share Plan 2022 will end on 31 March 2025. The aim of the plan is to align the objectives of the shareholders and the key employees and to retain the key employees at CapMan.
The long-term incentive plan consists of annually commencing individual three-year performance periods. During a performance period, the target group has an opportunity to earn CapMan shares based on achieving set performance targets. The target group, the maximum number of shares that can be allocated to the plan, and specific targets are decided upon annually by the Board of Directors for each performance period.
The prerequisite for receiving a reward from performance share plan is that a participant allocates newly acquired or previously owned CapMan shares to the Performance Share Plan and retains the investment during the performance period. The reward is paid after the end of the performance period subject to reaching the performance targets and continuous employment. As a rule, no reward will be paid if the participant's employment or service contract is terminated before reward payment. All reward shares are subject to a lock-up period of one year.
The first three-year performance period will commence on 1 April 2025 and end on 31 March 2028. The target group for the performance period includes all members of the Management Group, including the CEO, as well as other selected key employees. Altogether there are approximately 25 participants in the target group. The potential reward from the performance period is based on achieving performance targets that, in order of significance, are linked to total shareholder return, fee profit growth, sustainability, and on a participant's employment or service upon reward payment.
The maximum number of CapMan shares that can be allocated to the Performance Share Plan for the first three-year performance period is 350,000, corresponding to a maximum gross reward of 1,575,000 CapMan shares if all performance targets are achieved in full. The gross reward will be paid partly in shares and partly in cash. The cash proportion of the reward is intended to cover taxes and statutory social security contributions arising from the reward to the key employee.
Further information related to CapMan's share-based incentive plans is available on the Company's website at https://capman.com/shareholders/share-shareholders/performance-share-plans/
CAPMAN PLC
Board of Directors
Contact details:
Atte Rissanen, CFO, +358 50 040 5732
Distribution:
Nasdaq Helsinki
Principal media
www.capman.com
About CapMan
CapMan is a leading Nordic private asset expert with an active approach to value creation and €6.1 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, 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 and Luxembourg. We are listed on Nasdaq Helsinki since 2001. Learn more at www.capman.com.
CapMan Plc
Stock Exchange Release / Other information disclosed according to the rules of the Exchange
25 March 2025 at 6:05 p.m. EET
CapMan changes its financial reporting structure - segment reporting discontinued
CapMan will change the structure of its financial reporting to reflect its current operations. The previous reporting segments, Management Company business, Service business and Investment business, will be discontinued, and the financial performance of CapMan's current operations will be reported under the Group Income Statement.
Due to the divestments of JAY Solutions in February 2023 and CapMan Procurement Services (CaPS) in October 2024, CapMan no longer has active operations in the Service business segment. In addition, the Investment business segment consists of CapMan's balance sheet investments, which materially equals fair value changes that are visible in the Group Income Statement.
As a result of the aforementioned structural changes in the business, the Board of Directors has reviewed the overall reporting framework and accounting policies, and has decided to discontinue segment reporting. As of January 1, 2025, CapMan's chief operating decision maker under IFRS 8 is the Board of Directors of CapMan Plc, which is responsible for resource allocations and taking strategic decisions affecting CapMan Group, and which evaluates CapMan's financial performance based on Group Income Statement. Until that, chief operating decision maker was the Management Group.
The previous segment information also included a reconciling column `Other', that comprised of costs incurred by support functions serving the Management Company and Service businesses, and of Group costs incurred by corporate functions serving CapMan as a stock-listed entity. To preserve the information of Group costs, a new Alternative Performance Measure `Fee profit before Group costs' is introduced.
The new reporting structure will not impact CapMan's long-term financial targets, which remain unchanged. However, the long-term growth target is rephrased to align it with the new reporting structure. CapMan's long-term financial targets are:
- Revenue growth excluding carried interest income of more than 15 per cent p.a. on average
- Return on equity of more than 20 per cent
- Equity ratio of more than 50 per cent
The change in the reporting structure will come into effect from the beginning of the year 2025 and will be reflected in the financial reporting as of the first quarter of 2025. The key figures based on Group Income Statement, including alternative performance measures, for comparison years 2023 and 2024 are available as attachment to this release.
CAPMAN PLC
Board of Directors
Contact details:
Atte Rissanen, CFO, +358 50 040 5732
Distribution:
Nasdaq Helsinki
Principal media
www.capman.com
About CapMan
CapMan is a leading Nordic private asset expert with an active approach to value creation and €6.1 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, 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 and Luxembourg. We are listed on Nasdaq Helsinki since 2001. Learn more at www.capman.com.
CapMan Plc
Stock Exchange Release / Other information disclosed according to the rules of the Exchange
25 March 2025 at 6.00 p.m. EET
Decisions of the organisational meeting of CapMan Plc Board of Directors
Joakim Frimodig was elected Chair and Mammu Kaario Vice Chair of the Board of Directors at the Board of Directors' organisational meeting that took place today after CapMan Plc's Annual General Meeting.
The Board of Directors established Audit and Risk Committee and People and Remuneration Committee from among its members. The compositions of the committees are as follows:
Audit and Risk Committee
- Mammu Kaario (Chair)
- Johan Bygge
- Ari Kaperi
People and Remuneration Committee
- Joakim Frimodig (Chair)
- Catarina Fagerholm
- Eva Lindholm
Independence of the members of the Board of Directors
The Board of Directors assessed the independence of its members and concluded that all members, other than Joakim Frimodig, are independent of the Company and its significant shareholders. Joakim Frimodig is non-independent of the Company since he has had an employment relationship with the Company in the last three years, and non-independent of a significant shareholder since he is a board member in Silvertärnan Ab which holds more than 10 % of CapMan shares. The committees fulfil the independence requirements of the Finnish Corporate Governance Code 2025 for listed companies.
CAPMAN PLC
Contact details:
Tiina Halmesmäki, General Counsel, +358 40 590 1043
DISTRIBUTION
Nasdaq Helsinki Ltd
Principal media
www.capman.com
About CapMan
CapMan is a leading Nordic private asset expert with an active approach to value creation and €6.1 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, 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 and Luxembourg. We are listed on Nasdaq Helsinki since 2001. Learn more at www.capman.com.
CapMan Plc
Stock Exchange Release / Decisions of the General Meeting
25 March 2025 at 2.45 p.m. EET
Decisions of the Annual General Meeting of CapMan Plc
The Annual General Meeting of CapMan Plc was held today in Helsinki. The Annual General Meeting approved the financial statements for the financial year 2024, approved the company's remuneration report and discharged the company's directors from liability. The Annual General Meeting approved all the proposals of the Board of Directors and the Shareholders' Nomination Board to the Annual General Meeting.
Use of the profit shown on the balance sheet and the payment of dividend
The proposal of the Board of Directors to the Annual General Meeting was a combined proposal of a dividend distribution and an authorisation for the Board of Directors to decide on distribution of an additional dividend. The Board of Directors estimates the overall dividend distribution to be EUR 0.14 per share for the financial period ended 31 December 2024.
The Annual General Meeting decided, in accordance with the proposal of the Board of Directors, that a dividend in the total amount of EUR 0.07 per share would be paid based on the balance sheet adopted for 2024.
The dividend will be paid to a shareholder who on the record date of the payment, 27 March 2025, is registered as a shareholder in the shareholders' register of the company maintained by Euroclear Finland Oy. The payment date will be 3 April 2025.
In addition, the Annual General Meeting authorised the Board of Directors to decide on an additional dividend in the maximum amount of EUR 0.07 per share. The authorisation will be effective until the next Annual General Meeting. The Board of Directors intends to resolve on the additional dividend in its meeting scheduled for 15 September 2025.
Election and remuneration of the members of the Board of Directors
The Annual General Meeting decided that the Board of Directors comprises six (6) members. Mr. Johan Bygge, Ms. Catarina Fagerholm, Mr. Joakim Frimodig, Ms. Mammu Kaario, Mr. Ari Kaperi, and Ms. Eva Lindholm were elected members of the Board of Directors for a term of office expiring at the end of the next Annual General Meeting.
The following monthly remuneration shall be paid in cash to the members of the Board of Directors: EUR 5,450 to the Chair, EUR 4,350 to the Deputy Chair, EUR 4,350 to the Chair of the Audit Committee of the Board of Directors, where such individual is simultaneously neither the Chair or the Deputy Chair of the Board of Directors, and EUR 3,500 to the other members of the Board of Directors. Furthermore, for participation in meetings of the Board of Directors and Committees of the Board of Directors, the Chairs of the Board and Board's Committees are paid a meeting fee of EUR 800 per meeting and the members of the Board and Board's Committees are paid a meeting fee of EUR 400 per meeting in addition to their monthly remuneration. The remuneration of the members of the Board of Directors includes other possible incidental expenses, and the travel expenses are compensated in accordance with the company's travel compensation policy.
Election and remuneration of the auditor and the sustainability reporting assurance provider
Ernst & Young Oy, authorised public accountants, was elected auditor of the company. Ernst & Young Oy has notified the company that Ms. Kristina Sandin, APA, will act as the auditor with principal responsibility. The auditor's term of office shall expire at the end of the next Annual General Meeting. It was decided that the remuneration to the auditor shall be paid and travel expenses compensated against the auditor's invoice approved by the company.
Furthermore, Ernst & Young Oy, sustainability audit firm, was elected as the company's sustainability reporting assurance provider for the financial year 2025. Ernst & Young Oy has notified the company that the responsible sustainability auditor will be Kristina Sandin. It was decided that the remuneration to the sustainability reporting assurance provider shall be paid against a reasonable invoice for measures related to the review of sustainability reporting.
Authorising the Board of Directors to decide on the repurchase and/or the acceptance as pledge of the company's own shares
The Annual General Meeting authorised the Board of Directors to decide on the repurchase and/or on the acceptance as pledge of the company's own shares as follows:
The number of own shares to be repurchased and/or accepted as pledge on the basis of the authorisation shall not exceed 17,500,000 shares in total, which on the day of the notice to the Annual General Meeting and on the day of the Annual General Meeting corresponded to approximately 9.89 per cent of all shares in the company. Only the unrestricted equity of the company can be used to repurchase own shares on the basis of the authorisation.
Own shares can be repurchased at a price formed in public trading on the date of the repurchase or otherwise at a price formed on the market.
The Board of Directors decides on how own shares will be repurchased and/or accepted as pledge. Shares can be repurchased using, inter alia, derivatives. Own shares can be repurchased otherwise than in proportion to the shareholdings of the existing shareholders (directed repurchase).
Own shares may be repurchased on the basis of the authorisation in order to finance or carry out acquisitions or other business transactions, to develop the company's capital structure, to improve the liquidity of the company's shares, to be disposed for other purposes or to be cancelled. Own shares may be accepted as pledge on the basis of the authorisation in order to finance or carry out acquisitions or other business transactions.
The authorisation cancels the authorisation given to the Board of Directors by the Annual General Meeting on 27 March 2024 to decide on the repurchase and/or acceptance as pledge of the company's own shares.
The authorisation is effective until the end of the next Annual General Meeting, however no longer than until 30 June 2026.
Authorising the Board of Directors to decide on the issuance of shares as well as the issuance of special rights entitling to shares
The Annual General Meeting authorised the Board of Directors to decide on the issuance of shares and the issuance of special rights entitling to shares referred to in Chapter 10, Section 1 of the Finnish Companies Act as follows:
The number of shares to be issued on the basis of the authorisation shall not exceed 17,500,000 shares in total, which on the day of the notice to the Annual General Meeting and on the day of the Annual General Meeting corresponded to approximately 9.89 per cent of all shares in the company.
The Board of Directors decides on all the conditions of the issuance of shares and special rights entitling to shares. The issuance of shares and special rights entitling to shares may be carried out in deviation from the shareholders' pre-emptive rights (directed issue).
The authorisation can be used, for example, to finance and to carry out acquisitions or other business transactions and investments, to improve the capital structure of the company as well as for other purposes determined by the company's Board of Directors.
The authorisation cancels the authorisation given to the Board of Directors by the Annual General Meeting on 27 March 2024 to decide on the issuance of shares as well as special rights entitling to shares.
The authorisation is effective until the end of the next Annual General Meeting, however no longer than until 30 June 2026.
Authorising the Board of Directors to decide on charitable contributions
The Annual General Meeting authorised the Board of Directors to decide on contributions in the total maximum amount of EUR 50,000 for charitable or similar purposes and to decide on the recipients, purposes, and other terms of the contributions.
The authorisation is effective until the next Annual General Meeting.
Helsinki, 25 March 2025
CAPMAN PLC
Contact details:
Tiina Halmesmäki, General Counsel, tel. + 358 40 590 1043
DISTRIBUTION
Nasdaq Helsinki Ltd
Principal media
About CapMan
CapMan is a leading Nordic private asset expert with an active approach to value creation and €6.1 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, 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 and Luxembourg. We are listed on Nasdaq Helsinki since 2001. Learn more at www.capman.com
CapMan Plc
Stock Exchange Release / Managers' Transactions
17 March 2025 at 2.00 p.m. EET
CapMan Plc Managers' Transactions - Frimodig
CapMan Plc has received the following notification under Article 19 of the Market Abuse Regulation from Frimodig, Joakim.
____________________________________________
Person subject to the notification requirement
Name: Joakim Frimodig
Position: Member of the Board/Deputy member
Issuer: CapMan Oyj
LEI: 743700498L5THNQWVL66
Notification type: INITIAL NOTIFICATION
Reference number: 100488/5/4
____________________________________________
Transaction date: 2025-03-14
Venue: NASDAQ HELSINKI LTD (XHEL)
Instrument type: SHARE
ISIN: FI0009009377
Nature of transaction: ACQUISITION
(X) Executed under portfolio or asset management
Transaction details
(1): Volume: 50000 Unit price: 1.9249 EUR
Aggregated transactions (1):
Volume: 50000 Volume weighted average price: 1.9249 EUR
CAPMAN PLC
Tiina Halmesmäki
General Counsel
Distribution:
Nasdaq Helsinki
Principal media
www.capman.com
About CapMan
CapMan is a leading Nordic private asset expert with an active approach to value creation and €6.1 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, 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 and Luxembourg. We are listed on Nasdaq Helsinki since 2001. www.capman.com
CapMan Plc
Stock Exchange Release / Managers' Transactions
17 March 2025 at 2:00 p.m. EET
CapMan Plc Managers' Transactions - Frimodig
CapMan Plc has received the following notification under Article 19 of the Market Abuse Regulation from Frimodig, Joakim.
____________________________________________
Person subject to the notification requirement
Name: Joakim Frimodig
Position: Member of the Board/Deputy member
Issuer: CapMan Oyj
LEI: 743700498L5THNQWVL66
Notification type: INITIAL NOTIFICATION
Reference number: 100485/4/6
____________________________________________
Transaction date: 2025-03-14
Venue: NASDAQ HELSINKI LTD (XHEL)
Instrument type: SHARE
ISIN: FI0009009377
Nature of transaction: DISPOSAL
Transaction details
(1): Volume: 520 Unit price: 1.9 EUR
(2): Volume: 5 Unit price: 1.9 EUR
(3): Volume: 257 Unit price: 1.9 EUR
(4): Volume: 10 Unit price: 1.9 EUR
(5): Volume: 122 Unit price: 1.9 EUR
(6): Volume: 400 Unit price: 1.9 EUR
(7): Volume: 2 Unit price: 1.9 EUR
(8): Volume: 1684 Unit price: 1.9 EUR
(9): Volume: 20000 Unit price: 1.9 EUR
(10): Volume: 5000 Unit price: 1.9 EUR
(11): Volume: 80 Unit price: 1.894 EUR
(12): Volume: 115 Unit price: 1.894 EUR
(13): Volume: 102 Unit price: 1.894 EUR
(14): Volume: 97 Unit price: 1.894 EUR
(15): Volume: 367 Unit price: 1.894 EUR
(16): Volume: 647 Unit price: 1.894 EUR
(17): Volume: 471 Unit price: 1.894 EUR
(18): Volume: 209 Unit price: 1.894 EUR
(19): Volume: 227 Unit price: 1.894 EUR
(20): Volume: 210 Unit price: 1.894 EUR
(21): Volume: 9919 Unit price: 1.894 EUR
(22): Volume: 1048 Unit price: 1.894 EUR
(23): Volume: 1508 Unit price: 1.894 EUR
(24): Volume: 7000 Unit price: 1.904 EUR
Aggregated transactions (24):
Volume: 50000 Volume weighted average price: 1.89876 EUR
CAPMAN PLC
Tiina Halmesmäki
General Counsel
Distribution:
Nasdaq Helsinki
Principal media
www.capman.com
About CapMan
CapMan is a leading Nordic private asset expert with an active approach to value creation and €6.1 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, 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 and Luxembourg. We are listed on Nasdaq Helsinki since 2001. www.capman.com
Equity Research Disclaimer
These research reports have been prepared by Evli Research Partners Plc (“ERP” or “Evli Research”). ERP is a subsidiary of Evli Plc.
None of the analysts contributing to this report, persons under their guardianship or corporations under their control have a position in the shares of the company or related securities. The date and time for any price of financial instruments mentioned in the recommendation refer to the previous trading day’s closing price(s) unless otherwise stated in the report. Each analyst responsible for the content of this report assures that the expressed views accurately reflect the personal views of each analyst on the covered companies and securities. Each analyst assures that (s)he has not been, nor are or will be, receiving direct or indirect compensation related to the specific recommendations or views contained in this report.
Companies in the Evli Group, affiliates or staff of companies in the Evli Group, may perform services for, solicit business from, hold long or short positions in, or otherwise be interested in the investments (including derivatives) of any company mentioned in the publication or report. Neither ERP nor any company within the Evli Group have managed or co-managed a public offering of the company’s securities during the last 12 months prior to, received compensation for investment banking services from the company during the last 12 months prior to the publication of the research report.
ERP has signed an agreement with the issuer of the financial instruments mentioned in the recommendation, which includes production of research reports. This assignment has a limited economic and financial impact on ERP and/or Evli. Under the assignment ERP performs services including, but not limited to, arranging investor meetings or –events, investor relations communication advisory and production of research material. ERP or another company within the Evli Group does not have an agreement with the company to perform market making or liquidity providing services. For the prevention and avoidance of conflicts of interests with respect to this report, there is an information barrier (Chinese wall) between Investment Research and Corporate Finance units concerning unpublished investment banking services to the company. The remuneration of the analyst(s) is not tied directly or indirectly to investment banking transactions or other services performed by Evli Plc or any company within Evli Group.
This report is provided and intended for informational purposes only and may not be used or considered under any circumstances as an offer to sell or buy any securities or as advice to trade any securities.
This report is based on sources ERP considers to be correct and reliable. The sources include information providers Reuters and Bloomberg, stock-exchange releases from the companies and other company news, Statistics Finland and articles in newspapers and magazines. However, ERP does not guarantee the materialization, correctness, accuracy or completeness of the information, opinions, estimates or forecasts expressed or implied in the report. In addition, circumstantial changes may have an influence on opinions and estimates presented in this report. The opinions and estimates presented are valid at the moment of their publication and they can be changed without a separate announcement. Neither ERP nor any company within the Evli Group are responsible for amending, correcting or updating any information, opinions or estimates contained in this report. Neither ERP nor any company within the Evli Group will compensate any direct or consequential loss caused by or derived from the use of the information represented in this publication.
All information published in this report is for the original recipient’s private and internal use only. ERP reserves all rights to the report. No part of this publication may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, or stored in any retrieval system of any nature, without the written permission of ERP.
This report or its copy may not be published or distributed in Australia, Canada, Hong Kong, Japan, New Zealand, Singapore or South Africa. The publication or distribution of this report in certain other jurisdictions may also be restricted by law. Persons into whose possession this report comes are required to inform themselves about and to observe any such restrictions.
Evli Plc is not registered as a broker-dealer with the U. S. Securities and Exchange Commission (“SEC”), and it and its analysts are not subject to SEC rules on securities analysts’ certification as to the currency of their views reflected in the research report. Evli is not a member of the Financial Industry Regulatory Authority (“FINRA”). It and its securities analysts are not subject to FINRA’s rules on Communications with the Public and Research Analysts and Research Reports and the attendant requirements for fairness, balance and disclosure of potential conflicts of interest. This research report is only being offered in U.S. by Auerbach Grayson & Company, LLC (Auerbach Grayson) to Major U.S. Institutional Investors and is not available to, and should not be used by, any U.S. person or entity that is not a Major U.S. Institutional Investor. Auerbach Grayson is a broker-dealer registered with the U.S. Securities and Exchange Commission and is a member of the FINRA. U.S. entities seeking more information about any of the issuers or securities discussed in this report should contact Auerbach Grayson. The securities of non-U.S. issuers may not be registered with or subject to SEC reporting and other requirements.
ERP is not a supervised entity but its parent company Evli Plc is supervised by the Finnish Financial Supervision Authority.
Company Facts
Guidance
CapMan expects assets under management and fee profit to grow in 2025.
Financial targets
Over 10% average annual growth of Mangement Company and Services business. Return on equity over 20%. Equity ratio over 60%. Annually increasing dividend.
Schedule analyst call
For professional investors wishing to discuss the case, please book a complimentary analyst call
Book a call