CapMan’s Q2 fee income of EUR 13.9m declined -7% y/y and was fairly in line with our estimate of EUR 13.6m. Fee profit of EUR 1.3m declined by 51% y/y against a strong comparison and came clearly below our estimate of EUR 2.5m. We note that personnel costs were clearly higher than expected in the quarter (EUR 9.5m vs. NDAe EUR 8.4m). Despite the miss in fee profit, group level adjusted EBIT of EUR 2.5m came in line with our estimate of EUR 2.5m, with main underlying deviations stemming fair value changes of EUR 1.9m versus our estimate of EUR 0.0m. We expected no carry, while the company booked EUR 0.2m of carry. AuM grew to EUR 6.5bn, mainly supported by succesful fundraising in real estate (EUR 6.4bn in Q1). We note that the CAERUS Debt Investments acquisition will add EUR 700m of carried interest in Q3 2025. Overall, we consider the results solid both on the group and underlying level, with the company reiterating that the first closes for NRE IV and European Forest Fund IV are expected by the end of the current year, in line with our current expectations.
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