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 15.2m, corresponding to 19% y/y growth and resulting in EUR 3.7m of fee profit. The company continues to expect fee profit growth for 2025 relative to last year, while the exitmarket is showing early signs of improvement. Following estimate revisions, our SOTP-based fair value range remains intact at EUR 1.7-2.1 per share.
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