CapMan’s Q4 fee income of EUR 16.7m grew 25% y/y and was 10% ahead of our estimate of EUR 15.2m. Fee profit of EUR 0.9m grew by 124% y/y and but came below our estimate of EUR 1.6m. Driven by better-than-expected fair value changes (EUR 3.1m vs. NDAe EUR 1.9m) and stronger net carried interest bookings (EUR 2.7m vs. NDAe EUR 1.7m) group level adjusted EBIT of EUR 6.0m came above our estimate of EUR 5.2m. AuM grew to EUR 7.2bn (+19% y/y), which was in line with our estimate. CapMan proposes a dividend of EUR 0.12 per share for 2025 (NDAe: EUR 0.12) and the company expects AuM and fee profit to improve in 2026. Taken together, and reflecting slight softness in fee profit (which we find was driven by higher-than-expected costs) we expect a neutral or slightly negative share price reaction today.
LÄS MER
