CapMan is an investment company. The vision is to be a long-term owner and create added value for the shareholders in the long term. CapMan mainly invests in medium-sized unlisted companies, properties and infrastructure facilities around the Nordic market. Furthermore, the company offers asset management, purchasing activities as well as analysis, reporting and back office services. CapMan was founded in 1989 and its headquarters are in Helsinki, Finland.
For financial companies, 2025 has been very positive in terms of the operating environment, with strong capital market development and stabilized interest rates. However, the performance of the companies has been varying, and many companies we follow have suffered particularly from the subdued development of alternative investment returns (new sales and performance fees).
Overall, the Q3 report was good and in line with our expectations. New sales are still cumbersome, but there is finally light at the end of the tunnel for the market. Our forecasts still expect significant earnings growth, and this is subject to success in new sales.
CapMan posted a strong set of Q3 2025 numbers, with profitability coming in above our expectation. Adjusted EBIT was EUR 8.5m, higher than our estimate of EUR 5.6m, supported by EUR 4.8m of positive fair value changes. Fee income increased to EUR 15....
CapMan’s Q3 fee income of EUR 15.2m grew 19% y/y and was slightly ahead with our estimate of EUR 14.6m. Fee profit of EUR 3.7m grew by 29% y/y and also beat our estimate of EUR 2.4m. Driven by better-than-expected fair value changes (EUR 4.8m vs. NDAe...
CapMan released slightly better-than-expected Q3 results this morning. The earnings were in line with expectations, and the important management fees grew slightly more than we expected.
We expect the company to post good earnings in a seasonally strong quarter. However, fundraising remains gloomy, and the fundraising outlook is by far the most important aspect of the report.
Ahead of CapMan's Q3 2025 results on 6 November, we only make minor revisions to our adjusted EBIT estimates. We cut 2025E-27E adjusted EBIT by 1-3%, although we keep our sales estimates intact for the same period. Our estimate changes mainly reflect...
In this article, we review the quality of earnings of listed asset managers. In summary, the quality of earnings varies significantly within the sector, but on average, the level is quite good. The level has also improved in recent years, as the share of recurring fees has increased. We note that we have made the comparison at the group level, and thus the comparison does not account for the companies' differing business structures. We excluded Aktia from our review as the necessary information on its asset management is not available.
Asset managers' results declined sharply during the first half of the year. However, underlying factors include challenges in the real estate market and a decline in performance fees, and the operational development shown below has been largely positive. The outlook for the sector is positive, and as long as geopolitical risks remain in the background, companies in the sector are poised for robust earnings growth in the second half of the year.
