Ahead of CapMan's Q3 2026 results on 5 November, we make minor estimate revisions that mainly reflect our fair value change and carried interest assumptions for the current year. For Q3, we model fee income of EUR 17.1m (+12% y/y) and fee profit of EUR 4.2m (22% margin) on the back of new capital raised at the end of Q2. We foresee AuM reaching EUR ~7.8bn in Q3 (EUR 7.7bn in Q2) and model EUR 1.8m of carried interest mainly from the conclusion of the Nordic Real Estate I fund. Following the minor estimate revisions, our SOTP-based fair value range remains intact at EUR 1.8-2.2 per share.
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