CapMan - Investment returns remained good
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.
- Turnover in Q1 was EUR 13.0m (EUR 15.6m in Q1/25), below our and consensus estimates (EUR 14.9m/14.6m Evli/cons.). The difference to our estimates was attributable to lower than estimated management fees.
- Operating profit in Q1 amounted to EUR 6.9m (EUR -5.6m in Q1/24), above our estimates and in line with consensus (EUR 5.9m/6.7m Evli/cons.). Compared with our estimates the improvement was driven by fair value changes (EUR 5.9m/3.0m Act./Evli), while the profitability excl. FV changes was below our expectations.
- EPS in Q1 amounted to EUR 0.023 (EUR 0.008 in Q1/24), quite in line with our estimates and consensus (EUR 0.02/0.03 Evli/cons.).
- Assets under management by the end of Q1 was EUR 6.4bn (Q1/24: EUR 6.1bn). Real estate funds: EUR 3.5bn, Private Equity & Credit funds: EUR 1.0bn, Natural Capital funds: 0.7bn, Infra funds: EUR 0.6bn, and Wealth Management: EUR 0.5bn. AUM growth of approx. EUR 0.4bn (q/q) mainly due to CapMan Hotels II closing the acquisition of Midstar Fastigheter AB’s hotel portfolio
- Guidance for 2025 (reiterated): CapMan estimates assets under management and fee profit to grow in 2025.