Ahead of CapMan's Q4 2025 results on 12 February, we make estimate revisions to reflect completed and upcoming exits, the first close of European Forest Fund IV and fair value changes. For Q4, we estimate continued year-on-year improvements in fee profit (EUR 1.6m), driven by EUR 13.0m management fees (+16% y/y), which largely reflects greater AuM (our estimate is EUR 7.3bn for Q4 2025 versus EUR 6.1bn in Q4 2024). Following our estimate revisions, our SOTP-based fair value range remains intact at EUR 1.7-2.1 per share.
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