CapMan's Q4 top-line figures and profitability came in above our expectations. Adjusted EBIT was EUR 6.0m, versus our estimate of EUR 5.2m, supported mainly by positive fair value changes and carried interest. Fee income increased to EUR 16.7m, corresponding to 25% y/y growth and resulting in EUR 0.9m in fee profit. The company guides for fee profit and AuM growth in 2026, while the overall market outlook seems to show some early signs of improvement. Following minor estimate revisions, our SOTP-based fair value is slightly lowered to EUR 1.6-2.0 per share (1.7-2.0).
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