Ahead of CapMan's Q2 2025, we make slight revisions to our estimates, mainly reflecting the CAERUS Debt Investments acquisition which is expected to close in Q3 2025. On the group level, we raise adjusted EBIT by 1-5% for 2025E-27E, mainly driven by the CAERUS acquisition but also reflecting slightly lower fair value change assumptions for the current year. Following our estimate changes, we derive a marginally higher SOTP-based fair value range of EUR 1.7-2.1 (1.6-2.0) per CapMan share. Marketing material commissioned by CapMan Oyj.
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