CapMan Oyj : 1-3 2024 Interim Report Presentation

Growth in assets under management and good profitability

Pia Kåll

1-3 | 2024

Interim

Report

3 May 2024

Disclaimer

• The following applies to this presentation, the related oral presentation by CapMan's representative as well as the potential Q&A sessions.
• This presentation contains certain statements which are not historical facts including, among others, estimates of the overall economic development and the market situation, expectations concerning the growth and profitability of the CapMan Group, as well as statements that contain the expressions "expects", "estimates", "forecasts", "aims", "believes", "pursues", "intends", "could", "anticipates" "plans", "seeks", "will", "may", "likely", and "would" and other corresponding expressions or their negative variations.
• Such statements are forward-looking statements that reflect management's current views and best assumptions with respect to certain future events and potential financial performance. The forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results, performance or events to differ materially from those expressed or implied in these statements.
• These factors include but are not limited to the overall macroeconomic developments; currency and interest rate fluctuations; changes is the competitive environment; changes in the regulatory environment and other governmental actions; changes in CapMan Group's business conditions; and the success of possible future acquisitions.
• CapMan does not give any explicit or implicit guarantee or warranty with regards to this material, and no undue reliance should be placed on the accuracy or completeness of the material or the opinions expressed herein. The market data used in the material has not been independently verified.
• The information contained in this material, including forward-looking statements, applies only on the date of this material and is not intended to be a guarantee of the future results.
• The Company does not undertake to update any forward-looking statements as a result of new information or future events except in circumstances specified by law.

2

Highlights from the beginning of 2024

€5.7bn	€3.5m
Assets under management	Carried interest	Investments Sustainability
31.3.2024		Report published

€110m	3	4
new capital raised after Q1	investments	exits
Growth III and Infra II	Successful transactions	Dasos acquisition
final closings	despite slower market	completed

We are today building the society

we want to see in 2040

CapMan's impact on the Nordic economies and societies is significant

Human-centric

Real estate

221	€ 2,9 bn
properties	AUM
9 900	1,3 m m2
tenants	lettable area

5

Transitional

portfolio

companies

44	€ 1,6 bn
portfolio companies	AUM
14 400	€ 2,4 bn
employees	aggregate turnover

Responsibly

managed Natural

capital

240 000 ha	€ 0,7 bn
land	AUM

1,5 mt CO2e p.a.

Negative carbon impact

CapMan creates shareholder value through its management company and service business, as well as, returns on balance sheet investments

MANAGEMENT COMPANY AND SERVICE BUSINESS	INVESTMENT BUSINESS

Value

drivers

	INFRA-	NATURAL	PRIVATE		PROCURE-
REAL ESTATE	EQUITY &	WEALTH	MENT
STRUCTURE	CAPITAL	BALANCE SHEET
	CREDIT		SERVICES
				INVESTMENTS PRIMARILY

IN OWN FUNDS

PLATFORM EXPERT SERVICES

Large-cap processes for mid-cap investment strategies

Fee profit	Investment returns
Carried interest	Support management
company growth

6

1-3 2024 key financials

MANAGEMENT COMPANY AND SERVICE BUSINESS

Fee profit

Carried interest

INVESTMENT BUSINESS

Investment returns

1-3 2024

€ 2.7m

Growth 1-3 2024

- € 0.2m /-8%

Growth/last three years

+13% p.a.

1-3 2024

€ 3.5m

Growth 1-3 2024

+ € 3.5m

Average/last three years

€ 6.4m

Fair value change 1-3 2024

€ 2.3m /+2%

Fair value of investments

31.3.2024

€ 163m

Fair value change/last three

years

+13% p.a.

Turnover and profitability development

8 CAGR as of Q1 2021

Balance sheet investment allocation

Balance sheet investments 31.3.2024, €m

Cash

Real Estate

39

€ 49 million in cash, € 163 m in private asset funds

49(18%)

(23%)

Other	2		€ 212.8 m
(1%)
			56
	52			(26%) Private Equity
			& Credit
		3
	(24%)
External fund investments		(2%)
12
			(5%)

Natural Capital	Infra

€ 82 m remaining commitments into funds

Well diversified portfolio between asset classes

and vintage years

Fund investments expected to generate significant

positive cash flow during future years*

9 *Due to the nature of the business and timing of exits, cash flow from fund investments may vary significantly between years

Fair value changes of balance sheet investments

€m

40

35

30

25

20

15

10

5

0

-5

-10

Fair value changes 2020 - 2023

26.9 % 25.3 %

	33,9	36,5
3.2 %
4,7			-3.4 %
			-6,1
2020	2021	2022	2023

€m

3

2

1

0

-1

-2

-3

Fair value changes 1-3 2024 vs. 1-3 2023

2,3	1.5%
		Own funds: +€2.1m
		External: -€4.5m

	Own funds: +€1.5m
	External: +€0.9m
			-1.4%
		-2,4

1

2

Return last three years (Q2/2021 - Q1/2024) 13% p.a.

Return target over time for own investments between 10% and 15% depending on allocation

1 0