Ahead of CapMan's Q2 2026 results on 8 August, we make slight revisions to our estimates, mainly to reflect the fist closes in two flagship funds. Supported by two new funds, we expect AuM to grow to EUR ~7.7bn (Q1: EUR 7.2bn). We model fee income of EUR 17.7m (+27% y/y) and fee profit of EUR 3.2m (17% fee profit margin) for Q2 and expect that market conditions have remained similar to those seen in Q1. Following minor estimate revisions, our SOTP-based fair value range remains at EUR 1.6-2.0 per share.
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