Capman Aktie

Good morning, and welcome to this presentation of CapMan's Half Year Report 2026. Presenting today, we have Pia Kall, CEO of CapMan. And after the presentation, we will have a Q&A session, and you are welcome to send in questions in the chat.

Pia, I hand over to you.

Thank you, Charlotte, and welcome, everyone, also from my side. It's a pleasure to present CapMan's half year report. We have continued strong growth in the second quarter. We had record all-time high capital intake and also held first closes in 2 of our important real estate and infra funds.

Overall, for the first half, we have reached key milestones on our strategy execution. During the first quarter, we announced the expansion into European infrastructure debt, specifically investing in infrastructure for resilient climate transition in Europe. It's a growing market segment where private debt will play a key role.

This is in line with the growth strategy we set out for Real Asset Debt together with CAERUS last summer at the time of the acquisition of CAERUS. At the same time, with this expansion, we also strengthened our presence in Europe by opening an office in Paris.

In June, we held the first close in 2 important funds as well. Nordic Real Estate IV fund had a first close supported by both existing and new international investors, institutional investors. This is a fund that continues our successful value-add fund series. And with this first close, good momentum on track to reach our target size of EUR 750 million during 2027 when we expect to reach the final close.

In June, we also held the first close for Nordic Infrastructure III fund. It's a fund with very strong investor demand, strong momentum, first close supported by more than 20 institutional investors and it set out to be the largest fund for CapMan Infra with a target size doubling from the second fund. Also here, our plan and expectation to reach a final close, a target size during 2027.

When we look at our financials, assets under management, EUR 7.7 billion, all-time high, a continued growth from the first quarter and really supported by record high capital intake in the second quarter.

Revenue for the first half year, EUR 31.4 million, a 16% growth, primarily from fee income growth where carried played a more modest role. And comparable EBIT at EUR 10 million, more or less flat from last year, strong fee profit growth, but slightly lower fair value uplift than we had a year ago.

When we look at our AUM at EUR 7.7 billion, during Q2, we took in EUR 440 million of new capital. That's an all-time high quarterly intake. And overall, during the first half, some EUR 500 million raised. Capital was raised to real estate, Nordic Real Estate IV, where we had the first close, Infrastructure III, also to open-ended real estate funds and natural capital, our forest fund, Forest IV fund also to gain capital in Q2.

In addition, our wealth segment has continued strong capital intake. And our investor base continues to be dominated by really international institutional investors from outside of the Nordics. This capital that we're raising is responsibly invested across the Nordic societies being part of building the society of the future.

When we look at our total portfolio, it's really our real asset-focused investment strategies that continue to grow fastest, more than EUR 6 billion of our assets under management now in this segment. Real Estate at EUR 3.9 billion had several successful exits during the first half, also now adding AUM to the first close in Nordic Real Estate IV.

In infra, strong development in the portfolio. We announced exit from Valokuitunen in Q1, which held its closing in July and now also with the third fund having its first close growing, so at EUR 0.8 billion AUM at the end of the period.

Natural capital continuing to take in capital in the fourth fund and also completed exits in the Baltics, 2 portfolios, returning excellent returns to our investors. And real asset debt still primarily focused on real estate debt through CAERUS, but now also expanding into European infrastructure debt.

With this business model, the value drivers really for us in the asset management business, the fee income and related fee profit from our funds and carried interest when successful exits are realized in the funds. From our balance sheet investments, investment returns that are supporting value creation for shareholders and also supports the growth of our asset management business.

Looking at the key financials and the key drivers for the first half, fee profit at EUR 3.6 million, growing 28% compared to last year, significantly faster growth than fee income, demonstrating the scalability of our business. Net carried interest from this period, EUR 0.3 million, modest. But when we look into the second half of the year, we already have visibility and expect carried interest materials from the exits that are in progress.

When it comes to our balance sheet, investment returns, a fair value uplift of EUR 6.2 million, 3.4% for the first half year. Our own funds contributing stronger, EUR 6.6 million, and the total portfolio now standing at EUR 173 million of fair value.

When we look at the fee income and fee profitability development for the period, fee income, 16% growth above our long-term financial targets. And if we look at the underlying development comparing Q2 to Q1, we had successful exits generating significant cash flow for us, but then also reducing the fee-paying assets under management.

And on the other hand, very successful fundraising in the second quarter, but with the closings held late in June. So that capital is not yet contributing to fee income in Q2, but will be contributing from Q3 onwards. Still overall strong growth.

And fee profit continuing to grow even faster than fee income at a 28% growth, reflecting the scalability of the business as we grow. Fee profit margin also continued to improve despite that we, in Q2, had some growth initiatives and also cost for establishing infra debt.

We continue a strong focus on cost control and also continue to deploy our internal effectiveness measures through implementing AI and automation in our processes. These initiatives aim for a platform where we can handle significantly higher assets under management with basically the same cost base in the platform. And this is also why we expect a continuing fee profit margin improvement, but the real uplift in that margin will really be seen when we reach final closes in our large funds and that large AUM growth is coming through.

Looking at our balance sheet and our investments, a well-diversified private asset portfolio. At the end of the period, EUR 51 million of cash and the investment portfolio at EUR 173 million in fair value. End of the period, EUR 69 million in remaining commitments into our funds, somewhat up from Q1, and we also expect the number to continue to somewhat go up as we make our house commitments into the funds when they give their first closes.

During the first half, we had a positive EUR 10 million cash flow from our investment operations. And also when we look into Q2, we expect this positive development to continue, not least because Infra I's exit from Valokuitunen was closed in July, and there's also other exits being pursued that will generate positive cash flow.

This is overall a trend that we expect to continue with also over the coming years, on average, fund investments, distributions from exits being done, clearly exceeding the new capital drawn to meet fund commitments. And as a whole, that we're generating a positive cash flow for the group.

Looking at the fair value changes for the first half year, EUR 6.2 million uplift. Our own funds across the board contributed positively, EUR 6.6 million, 4.5% fair value uplift. So on an annual basis, a 9% uplift. External funds, more or less flat, slightly negative, a minus 1.1% fair value development, taking down the total.

And combining this, looking at the comparable EBIT development, EUR 10 million at the -- for the first half year, strong contributors, fee profit growth and fair values, still fair value changes somewhat below those of last year, meaning that we end at EUR 10 million EBIT instead of last year's EUR 10.6 million, but really fee profit continuing to drive good growth.

Our balance sheet and our liquidity continues strong. Equity ratio at 58.5% and cash and other short-term financial assets at EUR 50 million with an additional undrawn credit limits on top of EUR 20 million means that we have a strong liquidity to support growth and growth initiatives and financial stability to continue to pursue our strategy.

Looking then more ahead, if we start by looking at the external market environment. What we saw during the first half of this year is continued positive signs in the market of both the fundraising market turning, driven by that the transaction market continued to show positive signs and revival. Overall, long-term forecasts are expecting assets under management in European real asset funds to continue to grow above 10% per year.

And in an environment that we have at the moment with geopolitical uncertainty, economic uncertainty, real asset investments are strongly positioned, investments like infrastructure, real estate, timberland, offering to investors investments that are diversifying and more stable, more controllable outcomes than many other asset classes.

In addition, at the moment, when we're seeing a disruption from artificial intelligence in the market, disrupting both business models, but also valuations, here, again, when we look at real assets specifically, we expect to see positive effects for more efficient asset management opportunities, but at the same time, on average, less negative impact as AI is not able to replace real assets like real estate properties or infrastructure. So net-net, expecting more of a positive impact there.

Also looking at the market from a geographical position, the Nordics and Europe in general is well positioned. The Nordics with stable political environment and stable economies are attracting capital basically from all continents at the moment when investors are looking for places to invest long-term capital.

We continue to deliver on our growth strategy towards our strategic objective to reach EUR 10 billion of assets under management by the end of 2027 and implementing our strategic initiatives through the CapMan WINS programs.

Reaching our EUR 10 billion assets under management target by end of '27 requires on average a 16% growth in AUM during '26 and '27, whereas over the past 3 years, with quite heavy market headwinds, we have been able to grow 20% per year. And now at EUR 7.7 billion, we are on a good track to reach our objective.

And if we look at the contribution from different investment areas in more detail and the ongoing fundraisings, which will take us to our objective when we reach the target sizes there, when we look at real estate, significant contribution. Here, we have the Nordic Real Estate IV fund with now the first close held and the target size of EUR 750 million. In addition, we have our open-ended funds directed at institutional investors that continue to attract capital. And on average, we have been raising some EUR 300 million per year into these funds.

In infrastructure, important milestone now with the third fund, first close in place and a target size of EUR 750 million for that fund.

In natural capital, we held the first close in the next flagship fund, European Forest IV fund, in December and continued fundraising to gain capital now in Q2, and also see good momentum and investor appetite for that fund going forward.

Within real asset debt, CAERUS VIII fundraising continues. Target size at final close some EUR 500 million. And now we are also going into infrastructure debt, where fundraising and investor discussions will be started towards the end of this year.

Within private equity and wealth, our wealth segment and especially the IP programs and other wealth products have on average taken in some EUR 200 million of new assets under management per year. And now during the first half, also continuing that space with a capital intake of roughly EUR 100 million. In addition, Nest IV, Special Situations II in fundraising and Growth IV planning for fundraising when we come into next year.

Taking a deeper look then at the 2 important real estate and infra first closes that we held in June. So Nordic Real Estate IV is the fourth vehicle in our value-add fund series, and we held a first close there on the 17th of June, supported by both existing and new international institutional investors.

The fund is well positioned and the timing is very good for this fund to take advantage of the attractive Nordic real estate market with the repricing that we have seen and attractive pockets of investment opportunities. And the fund has already secured the option for its first deal, a compelling residential project in Copenhagen, and we also have several other attractive opportunities in the pipeline. So expect to deploy capital very fast in this fund. Target size, as said, EUR 750 million, which we expect to reach during 2027.

In Nordic Infrastructure III, it's the third vehicle, continuing our successful infrastructure investment focused mid-market Nordic investments. And here, we held a first close on the 24th of June, strong momentum, strong appetite for the fund and the first close was supported by more than 20 institutional investors with both Nordic and international ones and especially on the international side, several investors who have already reserved capital to further commitments during the year when the fundraising continues.

Also here, a strong attractive investment pipeline in the market and the fund in a position to make first investments still during this year. Building on the strong momentum here, we expect to reach the target size of EUR 750 million also here during 2027.

Looking at the portfolio then, value creation has continued strong across our investment areas and funds, and also transaction activity has remained high. 10 new investments during the first half of the year, spanning across real estate, growth, infrastructure and natural capital.

When it comes to the exits, several very successful exits. In first quarter, we announced Valokuitunen exit from the Infra I fund, which closed now in July. And during the second quarter, Nordic Real Estate III fund doing excellent exits, both in Finland and in the Sweden. And the second growth fund exiting Silmaasema in June.

And a couple of more words around Silmaasema, which is a stellar example of the value creation we do in our growth investment area, supporting entrepreneurs in driving growth in their businesses. So in June this year, the fund signed an agreement of the sale of Silmaasema to Terveystalo.

During our ownership period, the company developed into a market leader in its sector in vision and eye healthcare in Finland, and also showed very strong financial development, growing clearly above the market rate, average revenue growth, 16% per year, which means that revenue doubled during our ownership period. And at the same time, profit quadrupled, so very strong -- even stronger profit development than revenue development. And a schoolbook example of the type of companies our growth strategy is supporting.

In addition to the value creation in our funds, we are also continuing to develop our own operations, building scalable operation and systematically now deploying AI automation and technology across our platform operations. We have, over the past year, had several development initiatives that are now being implemented to, on one hand, enable scalable revenue growth, being able to manage more assets under management with the same platform resources and that way also driving effectiveness, efficiency and cost savings by streamlining our operations and automating a lot of manual work steps.

Here, the target is to really be able to keep platform cost as such or on a more or less flat basis even if we, under this strategy period, double our assets under management and that way with growing AUM growing fee profit margin significantly.

Sustainability also continues to be an integral part in all of our operations, both in our own and in our funds, preparing our assets for resilience in the current market and that way also creating financial returns. This work also recognized in international benchmarks, where we continue to improve our scores and in '25, already reached stellar scores across our funds with 4 or 5-star ratings in the international risk ratings and also being recognized by the ISS STOXX benchmark on ESG, where we are among some 180 global asset manager ranked in the first decile.

Continuing on this path of implementing and executing on our growth strategy, we are well positioned for continued profitable growth. Looking at our strategic objectives of EUR 10 billion by 2027 in assets under management, we are now at EUR 7.7 billion.

Fee income will follow assets under management development. And here, we also now, if we look at the last 12-month basis, at EUR 63 million and continue growing from last year. Fee profit growing even faster as our scalability initiatives are coming through in the numbers and continued fee profit margin improvement expected also going forward.

A recap of our long-term financial objectives here at the end. So revenue growth target to grow above 15% per year for the first half, now at 16%, exceeding that. Return on equity above 20%. We were at 7% at the end of June. Equity ratio exceeding our target at 59%. And for this year, the AGM has made a decision on a EUR 0.12 per share dividend, of which half has already been paid.

When it comes to the outlook for the year, it remains unchanged. We estimate assets under management to grow and also fee profit to continue to grow compared to last year. Thank you.

Thank you very much, Pia. We also welcome Atte Rissanen to the stage, CFO of CapMan. So let's start with questions with the audience here, please.

Jaakko Tyrvainen from SEB. At least to me, the fee margin was perhaps somewhat surprisingly down during the quarter compared to the previous quarters. Was this just because of the timing, as you explained, the timing of the exits and then the fact that the new AUM came in, in the very end of the quarter? Or is there something else in this quarter-on-quarter volatility?

Yes, I can take that then. Pia, feel free to expand after my answer. But yes, basically, I would say that you are hitting the nail on the head. So H1 fee income grew by 16%. Fee profit grew by 28%. But then if you look at Q2, we had very good exit activity. We had exits from infra. We had the PDS exits materializing, basically exits eroding the fee base, but on the other hand, providing the very good cash flow from investments that we saw during Q1, the fund investments generating EUR 10 million positive cash flow for us during Q2 or during H1.

And of course, that coupled with the fact that the very good AUM intake was at the end of the quarter, that means that it doesn't generate fee income yet during Q2, but will generate some EUR 5 million on an annual basis going forward. So that is basically what you're seeing here.

And also when you look at the cost side, well, you could see personnel expenses basically flat compared to Q1. On the other operating expenses, of course, there's some AUM-linked placement agent fees, for example. And we did have some costs that we've taken now in relation to the establishment of the new infra debt investment area.

But overall, I'd say the main point is that we have good visibility now going forward with the AUM that we've raised and as well. So that means good visibility on the fee income, good visibility on the cash flow generation and also hopefully carry during H2.

Very good. Explains a lot then, and you answered already to my couple of next ones. But you noted that the real asset is the place to be under the AI disruption. Is this widely kind of a recognized thing also among the investors? And on the other hand, you have also the growth fund. Have you seen the AI revolution causing pressure on the fair values over there?

Thank you. So let's take it into 2 parts, the question as it is. I would say, among investors, what we see is some of them clearly kind of diversifying by going into real assets because it is less volatile, and it is easier to predict the outcomes when you have real assets that are backing the investments. At the same time, I think we should be humble and say we are in the beginning of a disruption. So exactly how it will play out, I don't think anyone has the crystal ball.

But overall, the fact is that you cannot replace physical properties or infrastructure or forest with AI. So in that sense, it is a more stable asset class and investors are clearly also seeing that when they look at their overall portfolios. And it goes both for the equity and the debt side where our debt side is also focused on real assets.

When it comes to growth in our private equity portfolio, there what we've seen so far is when it comes to the peer valuation and the peer group valuations, there you clearly see an impact from AI, especially on the software side. At the same time, when we look at the portfolio development, it is fair to say that not all software companies are reacting the same way and some will be very much needed also in an AI era. And there, we have seen continued very strong operational performance in our portfolio. So the impact so far has been solely from the external peer valuation benchmarks.

Very good. Then the final one on the new funds that are seeking clearly higher fund size overall in the final closing, have you seen the average ticket size increasing in the first closing compared to those predecessors?

We clearly see ticket sizes increasing, and we see that we have investors who have been following us now for several vintages, who now see that the target sizes that we have are such that they can deploy the type of tickets that they want to deploy per fund. And we have previously been too small, but they have liked the investment strategies we've had. And now they are clearly interested in this fund and joining this fund.

So that's why we also attract new investors into these funds because they are international investors for whom you need to be above EUR 700 million for them to even consider investing. So we have both new coming in with large tickets that way. And we have existing investors who have maybe cut somewhat their ticket sizes in previous funds to match the sizes that we've had and who are now increasing ticket sizes. So from both of those angles, we see average ticket sizes going up and also new investors really looking at the fund.

Sauli Vilen from Inderes. About the headcount, the headcount came a tad down during Q2. Is this just like a quarterly volatility? Or do you actually see that the headcount should flat out now? I guess it's one of the key drivers behind the flat cost base you're aiming.

Between these quarters, it's just normal fluctuation. And here, thinking forward, where the effectiveness and the automation really takes hold, now the first wave of implementation that is in the platform. And there, we expect to be able to kind of keep the cost.

Of course, when it comes to investment operations, that is still somewhat people-dependent. You need a certain amount of individuals, investment professionals per target assets. So there it will not stay flat, but clearly there's scalability also there. But now quarter-on-quarter, no dramatic changes. It's just fluctuation.

Then you referred to the flat cost base in '27 or flattish cost base, I guess, on '27 or once in your CEO review. Just to clarify on that, does that also include bonuses and possible like the distributor fees on the fundraising? Or are those like excluded on that?

Yes. Just to clarify, I think Pia was referring to the platform cost staying flat, so basically the support organizations. Of course, within the investment teams, when the operations grow, there are variable items that grow in line with -- so for example, variable compensation, those will not stay flat when top line goes forward. But the fee margin will improve notably. We're not saying that the '27 cost base will be that of the entire group cost base, will not be at the '25 level.

Okay. That's clear. Then about your own commitments and on the for the real estate and infra on both, you made roughly EUR 10 million commitment on those funds. Do you see that that's the amount? Or do you see you need to top that up going forward?

For these specific funds, this is the amount that we make our house commitments in the first closes. And then as we've said before, fund-by-fund, we determine the house commitment, but that is a good rule of thumb for the large funds.

Okay. That's clear. Then on the CAERUS AUM, if you reflect back for the for the last 12 months or so when you have had the CAERUS under your umbrella, the AUM has been flat. Has that been in line what you were expecting? If I recall correctly, they still have a lot of dry powder, which could have led to a growth in AUM.

It is in line with our expectations. So like you say, in CAERUS, fee is paid on the deployed capital, and that's also what we count in our AUM. So it's remaining flat in this market, actually means that there's been a good -- a lot of good positive development underneath in the portfolio because normally with debt maturing at quite kind of certain kind of positions in time, if you don't get new commitments in or kind of raise more capital, it will continuously go down faster than maybe in other asset classes.

But here, what has been happening is that we have prolonged and extended and found new financing solutions or provided new financing solutions for several assets in the portfolio, which has kept the AUM flat and in that sense, kind of growing. And then fundraising is ongoing and increasing momentum and increasing kind of investor appetite. But at the same time, as was expected, European real estate debt investors are still monitoring the market, and they are now starting to look for new commitments, but are still cautious, but the dialogues are good.

Then on the infra debt, you obviously have had some time now to test the market, so to speak, to talk with the potential investors. How confident you are that you actually have an appetite there for the new up-and-coming fund? Since obviously, it's not like your home field where you're trying to raise the capital. You're raising it from the Central Europe, if I recall correctly.

So it's -- to be fair, with the kind of the head for that investment area joining during Q1, it's not been that many months to test the market yet and get a view on it. Initial responses and initial feeling is positive. It is true that for CapMan raising debt capital in Central Europe is new. But then on the other hand, if we think of the team we have in CAERUS and now in infra debt with Rene Kassis joining and with Michael Morgenroth continuing to lead CAERUS, this is what they have been doing for the last 20 or so years in specifically that market.

And what we see is that when you talk about mid-market infra debt investments into investments that support resilience of the European economy or a climate transition, decarbonization transition, investment need is huge and national kind of debt will not cover -- traditional banks will not be able to cover it. And we see Central European investors really seeing a sweet spot here when we talk mid-market, this type of debt solutions.

So in that sense, good start, and we continue to have investor discussions and plan to launch the formal fundraising towards the end of the year.

Okay. Then final for me, about your fees in Q2, if at least my interpretation was that like a transaction-based fees like the noncontinuous fees were kind of at the lower end in Q2. Is this the right way to look at the figures?

Yes, it is the right way to look at the figures. There were no sort of these transaction type of fees. So there's always between quarters, some variation. And now during Q2, I think it's fair to say it was exactly on the lower end.

Okay. And then an additional question on Nordic Real Estate IV and Infrastructure III. Can you break down the capital intake in Real Estate IV and Nordic Infrastructure III? How has the first close capital intake in these funds developed related to expectations? And what are the interest levels for these funds looking ahead?

So when it comes to the exact breakdown, we have not published that one, but I think you get a good feel for it. It's fair to say that out of the EUR 440 million that we raised in Q2, clear majority went into these 2 funds and then the Forest IV fund.

And what was the other part of the question?

How has it developed related to expectations?

So going very much in line with expectations. So when it comes to Infrastructure III, our target was when we set out and the infra team set out into the fundraising was to hold the first close now in June, which they kept more or less exactly on the day, kept to their schedule.

In Nordic Real Estate IV, the last couple of years have been more challenging in the market. But say, during the last half year, the visibility we've had and with the understanding from the investors that we had also this first close very much in line with expectations. And also in both funds, the continuing fundraising now and the investors doing due diligence on the funds also there very much in line with expectations.

Thank you. That was the questions that we have for today. So thank you very much, everyone, and we say goodbye and wish everyone a good day. Thank you.

Thank you.

Thank you.

Good morning, and welcome to this presentation of CapMan's Q1 Interim Report 2026. Presenting today, we have Pia Kall, CEO of CapMan. And after presentation, we will have a Q&A session, and you are welcome to send in questions at any time using the chat in the webcast link. So please, Pia, hand over to you.

Thank you, Charlotte, and welcome also from my side. CapMan had a strong starter to the first quarter. Our fee profit growth accelerated almost 50% up year-over-year. It's a result of the business scaling. Fair values in our investments developed positively across the line despite the turbulent markets, and we have realized some excellent exits from our funds, which proved that value creation capabilities in our investments and also when those transactions close now in the second quarter, will generate cash flows to CapMan. Fundraising momentum is strong, and we expect further closings in our key fundraisings in the coming months. At the end of the first quarter, AUM at EUR 7.2 billion, flat from the start of the year, but a strong growth compared to last year, which also shows in revenue.

So revenue up 25%, EUR 16.3 million. That is primarily driven by growth in fee income. EBIT at EUR 6.1 million. Here, the drivers, good fee profit growth and fair value development. Our assets under management is from international institutional investors. Out of the EUR 7.2 billion, more than half from investors located outside of the Nordic region looking for attractive returns in our investments in this region.

During the quarter, AUM stable. The exits decreased AUM, and that was balanced out by some EUR 60 million of new capital that was raised. At the same time, the momentum in fundraising is very good, and we are making significant progress and expecting first closes in our key fundraisings over the coming months.

With the capital that we manage, we are seeking attractive returns for our investors, but we are also investing so that we are building the society of the future with the investments we choose to make and the value creation we make during our holding periods, we are building the society of the future.

And we are creating value across a broad range in the society in the Nordics. Our focus is on real assets and EUR 5.7 billion out of our EUR 7.2 billion is invested in real asset investments.

Real estate being the largest where we have properties across the Nordics. Infrastructure investing in energy, transportation and telecom sectors, supporting local asset owners in the Nordic region.

Natural capital, we have a large forest investment portfolio across Europe, 220,000 hectares of land, slightly down compared to last year because of some really excellent exits in the Baltics.

Real asset debt supporting real estate properties with debt across Europe, 210 properties in the portfolio. And in private equity and wealth, EUR 1.5 billion of AUM, supporting small, mid-sized companies in their growth journeys and internationalization journeys.

As a shareholder, the value drivers for CapMan to follow are really fee profit from our asset management business, so the profit from fee income from the funds, carried interest from the funds and then investment returns from our balance sheet investments, which are primarily invested into our own funds to support the growth of asset management.

These key financials for the first quarter, fee profit at EUR 2.2 million, 48% growth and growth accelerating compared to the development over the past 3 years as both top line is growing, but also the business is scaling.

No significant carried interest during the quarter, but with good exits realized, several funds are approaching carry and with consequent exits will realize. Investment returns, positive development. The total portfolio, 2% fair value uplift of EUR 3.6 million.

Our own funds developing stronger, so a 3.3% uplift and EUR 4.7 million fair value change. Looking more deeply at fee income and fee profitability development, we can see that fee income is growing 22%, compared to last year. This is growing in line with the AUM growth, the assets under management that we took in during last year.

Fee profit, on the other hand, grows significantly faster, 48% growth and also fee profit margin improving 2 percentage points to 14% in the first quarter. Here, we have 3 drivers behind this one. Of course, fee income growing drives also fee profit growth. Good cost control across the company.

If we look at our operating expenses, the main increases are really only from the large transactions last year, so the acquisition of CAERUS and then the Midstar acquisition into investment into our hotels fund and the organization that transferred with that.

And then as the third driver where we start to see improvement in profit margin is really active continuous work to build efficiency, scalable operations into our own ways of operating. Here, we already see some benefits from the efforts, but it's also good to note that the full effect from these improvements will really come through when we reach the final closes in the ongoing large fundraisings.

Looking at the balance sheet. Currently, portfolio of investments stands at EUR 180 million in fair values, well diversified. At the end of the quarter, EUR 56 million of remaining commitments into funds. It's a fairly low number and the number will go up when we make commitments into the funds that we are now raising and when they give their first closes.

During the first quarter, cash flow from investment operation was slightly negative, but we are expecting significant positive distributions now during the second quarter, then especially the exits from PDSVISION in the Buyout XI fund and then Valokuitunen from the Infra I fund when they are closing.

Over time, we are expecting that the investment portfolio is generating significant positive cash flow. As exits are realizing from the portfolio, those distributions are expected to be larger than the commitments we make into new funds and that way, generating positive cash flow for us. Looking at the fair value changes in the quarter, 2% on total uplift in the investment portfolio, own funds, EUR 4.7 million or about 3% fair value uplift, all investment areas contributing positively.

Our external fund investments, slightly negative and therefore, the total at 2%. Looking then at the composition of our EBIT, the largest contributors really strong fee profit growth, almost 50% growth and then good fair value changes despite a very turbulent market, taking us to a total comparable EBIT of EUR 6.1 million. We continue to maintain a very solid balance sheet, very strong liquidity, equity ratio above 55%, almost EUR 70 million of cash and other short-term financial assets, keeping a strong liquidity to be able to continue to support growth of our business and that way deliver strong shareholder value creation.

If we then look into our strategy implementation and starting with the market outlook at the moment, our chosen focus segment is really European real asset investments. And over time, this is a segment that is expected to show healthy double-digit annual growth.

It's also a good segment to be in the short and midterm, specifically for 2 reasons, it's real assets and it's Europe. With the current volatility in the equity markets driven by both geopolitics, Iran, the U.S. ongoing war, but also artificial intelligence and AI disrupting a lot of valuations and operating models for a lot of companies, we see that real assets, where we talk about physical assets like properties, infrastructure, forest are less impacted in the sense that they will not be replaced by AI.

They are also -- as there are investments into physical assets, the outcomes are more controllable than in many other segments. And this will continue to attract investors -- investors who look for diversification and who look for more stable, controllable outcomes in their portfolio.

Europe is also a good place to invest at the moment and is attracting capital. It's a long-term investment business, where investors are looking for geographies where you have stable economies, stable political environments. And here, Europe and especially Northern Europe and the Nordics are in a good position to attract capital from all regions globally at the moment.

So in this market, we continue to implement our growth strategy with the focus on real assets and Europe. Our stated objective to reach EUR 10 billion in assets under management by end of 2027 and driving our strategy through our 4 WINS programs.

When we look at the target for assets under management reaching EUR 10 billion, we are in a good position. Over the past 2 years, we've been growing assets under management on average 20% per year. We need to keep up that momentum. To reach our target, we need on average, a 16% per year growth. And we have several ongoing fundraisings across our investment areas that when they realize will take us to that target.

And taking a more detailed look investment area by investment area on the ongoing fundraisings. Within real estate, we have the Nordic Real Estate IV fundraising ongoing. Here, we now see strong momentum, and we expect a first close over the coming months. Target size of final close for this fund at EUR 750 million. In addition, our specialized open-ended funds in real estate are continuing to raise capital. This is our residential fund, Hotels II fund, Social Real Estate fund and several mandates.

During the last 3 years, we have, on average, taken in some EUR 300 million per year into these funds, and we see continued good appetite for these funds. Within infrastructure, we have now this year launched the fundraising for Nordic Infrastructure III fund, supported by an excellent exit from Valokuitunen earlier this quarter. And we are expecting to hold a first close in this fund also within the coming months.

Target size also at this fund, EUR 750 million when we reach final closing. Within natural capital, the European Forest Fund IV held its first close in December. The fund has also made its first investment already in the Finnish portfolio during April.

And here, we see continued appetite are expected to take in more capital also over the summer. Target size here at final closing above the previous fund, so about EUR 300 million. Within real estate debt, the CAERUS VIII fund fundraising continues. This is focused on real estate debt. And -- in addition, during the first quarter now, we, in line with our real asset debt strategy, also launched the expansion into infra debt strategy as a separate fund, a separate investment area under real asset debt. Within private equity and wealth, we have continuous fundraising.

The wealth -- CapMan Wealth is fundraising both for their private equity programs and their other products. On average, during the last 3 years, they have taken in some EUR 200 million per year.

In addition, our private equity funds and credit fund for special situations. And when we go into 2027, also growth for our fundraising. So succeeding with these fundraises will take us to our AUM target. A couple of words on infrastructure debt, which we, during the quarter, announced that we are expanding into. It's in line with our original plan when we acquired CAERUS last year that in addition to real estate debt, also expand the investment focus into more broadly real asset debt and infrastructure debt being especially attractive at the moment. There's a strong demand across Europe to invest in critical infrastructure, decarbonization, digitalization, strengthening the sovereignty of European infrastructure, and this requires financing also in the form of debt -- private debt financing.

We have also an excellent recruitment here with Rene Kassis, who has some 30 years of experience of specifically building infrastructure debt platforms across Europe, who is joining the CAERUS Management Board and will specifically lead the expansion into infra debt. With this step, we are also strengthening our Western European presence as we are opening a location and office in Paris.

And yet another step in our strategy to focus and strengthen our focus on real asset investments. Then from fundraisings to ongoing value creation and portfolio work. Also here, great start to the year. Positive fair value development across our funds and also very active on the transaction side.

During the first quarter, 6 new platform investments and some more in the pipeline and some already announced now during the second quarter. During the first quarter, especially growth investing in their third fund in 2 new investments and real estate being active across the Nordics. Several residential investments in Sweden, a joint venture with Danish pension fund in Copenhagen, which also secures our first investment or option for our first investment into our Nordic Real Estate IV fund and then Social Real Estate investing in Norway Police headquarter.

So strong development across the board there. On the exit side, during the first quarter, announced the exit of Valokuitunen from Infrastructure I, which is an exceptionally strong exit.

Valokuitunen is also an excellent example of the value creation we were -- we do in our portfolio and our approach of active ownership. So in March this year, we announced that the Nordic Infrastructure I fund has signed the sale of Valokuitunen to Brookfield and Telia. This investment is something that it was a proprietary deal idea by our infrastructure team back in 2020 when it was established as a JV with Telia.

During the fund ownership, our team has been working closely with management and board work in the company, developing the organization, strengthening operational capabilities, strengthening sales and customer interface in the company. To give you some headline numbers, the company has grown into the largest fiber-to-the-home company in Finland, starting from some 20,000 households in the network to now way over 430,000 households.

Growing the organization from 6 persons to more than 100 employees and receiving a Great Place to Work certificate so also building a great culture in the company. Financially, strong success. Revenue growth, fivefold during our ownership period, profitability growth 25-fold during the same period. And doing this in parallel with strong sustainability focus, so Valokuitunen is ranked third in its peer group in the international GRESB sustainability ranking, achieving 95 out of a maximum of 100 points.

So all of this taken together, strong value creation resulting in an excellent exit from the Infra I fund, taking that fund closer to carry and also strongly supporting our fundraising for the Infrastructure III fund. In parallel then with value creation in our investments and in our funds, we are also systematically developing our own operations, building scalable operations, utilizing AI automation and creating more efficient processes.

There's been several development projects ongoing for the last 2 years, some 20 projects just during last year, where implementation continues into this year with the next wave of development projects. You can broadly categorize these into 2 categories, enabling scalable revenue growth on one hand and on the other hand, efficient and cost -- efficiency and cost savings in our operations.

It's around fund structures, fund operations, fund management, reporting, automating that, making it systematically in a scalable format and improving our own internal process efficiency across the board. This, combined with a strong cost control that will continue into this year, we see that we will get scalability in the operations. We already see that in the numbers. And it's good to note that from these efficiency improvement programs, really the full impact we will see when we reach the final closes in our large funds when we take that step change in AUM, that's when it fully will fall through.

But already now, we can see a step change last 2 years from the previous years in fee profit margin and also now in the first quarter, a 2 percentage point improvement compared to last year. And continuing our work in value creation, making it -- doing it hand-in-hand with sustainability and making sustainability count also for the financial performance. So again, here, looking at our funds, we are in the GRESB ratings coming out extremely well, 4 to 5 stars across the board in this international highly ranked benchmarking. We're also ranked by the ISS Stocks Sustainability Index, where CapMan is ranked around -- among more than 170 global peers, and we come out in the first decile of this sample with a very strong rating.

Also that's showing that sustainability is something that goes across our operations. So taken together, we are positioned for strong profitable growth. When it comes to AUM, currently at EUR 7.2 billion, targeting the EUR 10 billion with the ongoing fundraisings that we have. Fee income growing now in this quarter, 22% compared to last year, and we expect fee income to continue to grow in line with AUM development.

When it comes to fee profit, already now, we see an improving profit margin in our operations. And here, we expect fee profit to continue to grow faster than fee income as the business scales, but taking into account that it's not necessarily linear, but really the full impact we see when we get to final closings in several of the funds.

Our long-term financial objectives remain unchanged. On average, more than 15% growth in revenue, excluding carried interest. Here, 22% growth now in the first quarter, keeping a strong balance sheet, targeting return on equity above 20%, equity ratio above 50% and keeping a distribution policy, where we pay sustainable distributions that grow over time. And based on last year's results, a dividend distribution of EUR 0.12 per share, of which half has already been paid and the other part is paid during the fall. Our outlook estimate for the year remains unchanged. So in essence, we estimate assets under management to grow and fee profit to grow compared to last year. Thank you.

Thank you very much, Pia. And now we also welcome Atte Rissanen to the stage, CFO of CapMan. So should we start with questions from the audience here?

Jaakko Tyrvainen from SEB. The recent market uncertainty, overall market uncertainty related to geopolitics and the events in the Middle East, how have you seen this impacting on your market environment opportunity to continue the fundraising as planned and especially on the exit market and the sentiment over there. Will you be able to continue the exits throughout '26?

So overall, you could say we've seen quite limited impact so far. You can basically, I think, divide it into 3 categories. So first of all, fundraising, where we see continued strong momentum and investors continuing to commit capital.

So limited impact there. If anything, we see more interest into Europe and the Nordics overall as a region due to this overall geopolitical uncertainty. When we think about the fund investments and the portfolio, so far, transaction activity has not slowed down, and we haven't seen any negative impact on that side, at least not yet. And when it comes to the development in our portfolio companies, what we see is that -- and in the assets, overall, real assets are less impacted by the equity market volatility.

So we continue to see good value creation there. And also in our portfolio companies, strong development operationally, where we see an impact is, of course, where we use peer group multiples in valuations. So there, of course, especially on the software side, there is an impact from the AI disruption. But I would say, large by large, very limited impact. Fundraising continues, value creation, very limited impact, except for peer groups and transactions so far going ahead.

And the related rise in interest rates, have you seen the higher rate level impacting on the -- especially on the, let's say, real estate and on the infra side, where it's perhaps a bit more relevant.

Actually, no, more limited because on one hand, many of our strategies are more higher returning, so value-add strategies were plus. And then, say, for example, infrastructure, there is very strong appetite for the asset class as a whole in Europe at the moment. So no material impact.

And good to note that natural capital and infrastructure are both asset classes, which traditionally fare very well in an inflationary environment. Also, the recent increase in the rates hasn't been as dramatic as what we saw in '22. So the overall impact is not going to be of similar significance, I think.

And if I may continue a bit on the sentiment-related question. We've all seen the news flow regarding the U.S. private credit. Have you seen in the customer and investor discussions in Europe, have you seen any impact on the sentiment here regarding the investors kind of appetite for illiquid asset classes?

Here, I would actually say that, well, what we see in the U.S. at the moment on private credit, it's good to note 2 things. It's on one hand, it's private credit investment into private companies specifically, which means that private credit investments, real asset debt as we call it, into physical assets or asset-backed investments are actually more -- coming out more attractive due to the kind of worries around the private credit investments into especially software companies, I think.

Secondly, I think what we see in the U.S. is primarily it's -- it's open funds focused for retail investors and retail investors now worrying in this sentiment around the valuations of the portfolios and making redemptions. There's been less actual default in the portfolios as such.

So it's more a retail investor impact so far that we've seen. And our main segment is really the institutional investors. Those are the counterparties for our funds. So again, not impacting those discussions. Overall, again, I would say, if anything, infrastructure, real estate debt investments in Europe, if anything, fare well in a comparison within the private equity -- private credit space.

Then my final one, you already touched about the timeline -- possible time line for the first infra debt fund launch. But could you elaborate a bit more on the planned strategy for this new segment? Will you kind of apply similar Nordic strategy there? Or are you seeing more targets also from Europe? And how you are about to be -- are going to differentiate yourself from the competition?

So within infra debt, the strategy is, in a sense, very much following our real estate debt strategy. So it's a European strategy as the debt strategies usually are more broad geographically. It's also we're staying true to our core of staying in the mid-market segments when it comes to investments.

So it's around financing infrastructure, investments into then critical infrastructure, decarbonization, but in the lower mid-market, where there is less competition in the market, but a lot of financing need. So that's where the strategy goes. So very much in line with our DNA of what CAERUS on one hand is doing in real estate debt and CapMan's core of staying in the mid-market and lower mid-market. We're building the team and the fundraising there at the moment. So launching the first fund is still I think time will happen most likely during this year. But now it's really also finding the right balance exactly for the focus of the strategy, having discussions with potential anchor investors in there.

It will be a Western European plus Nordic strategy, not just Nordics, similarly to those of CAERUS.

It's Patrick Campbell from Nordea. Maybe jumping over to fee income. It was quite strong in Q4 and also quite strong now in Q1. Is it kind of correct to assume that this level is the new normal when accounting for upcoming exits and new funds?

Well, I mean, the Q1 fee income, as you saw, the intake of new AUM was very limited. So basically the growth actions completed during '25 are the factors that drove the fee income growth during Q1. So you could very much assume that this is the run rate fee income if that was the question.

Yes, it was. Very good. All right. Then just quickly on carried interest. So what kind of drove the carried interest in Q1? And how do you kind of see it developing in Q2 relative to Q1?

So in Q1, it was quite limited and it was from our next credit strategy so the tails exits from that one that drove it. And then when we look ahead, we have both within real estate now infrastructure, also buyout, excellent exits that are pushing the funds towards carrying those require consequent exits for carried to realize. But I would say that within the next 6 to 12 months in all of those 3 areas we should see carry.

All right. What about Valokuitunen? And how big of an impact are we -- should we expect from the carry side?

Valokuitunen alone doesn't take the Infra 1 fund into carry. So that closing is not generating carry, but it is clearly securing the fund returns on a level that takes that fund very much closer to realizing carry.

You have to keep in mind that Valokuitunen was only the second exit of the fund. So there's a lot of portfolio companies remaining. But as Pia mentioned, it basically solidified the performance to be stellar for that fund.

Thank you very much. Then we continue with questions. Do you see the EUR 10 billion AUM target achievable in target time line without M&A?

When we succeed with the ongoing fundraisings and nd the target sizes that we have, that will take us to the EUR 10 billion target. So achievable without M&A risk, of course, if something happens in the market or something gets delayed, then it's a timing risk more than reaching the absolute target risk. That said, of course, we are open to continue to look at inorganic growth as well the same way we have been doing over the years, but really core focus now is executing organically on ongoing fundraising.

Do you see a need to refinance 2027 bond? Or could you deliver?

Could deliver. Yes, you will -- of course, given that the maturity is in Q2 '27, we will need to refinance that. But we see this sort of also an opportunity to consider the capital structure in sort of more comprehensive way. So we are reviewing the alternatives related to that refinancing.

And what is the fee profit level percentage, which you see realistic when current fundraising cycle is over?

So we have not communicated a specific target, but I think you can look at the uplift that has been achieved over the previous years now. And as the business is growing, there is significant uplift potential.

As it was evident by the graph that Pia showed on basically how it worked with the last fundraising cycle, there was an uplift of some 5 to 6 percentage points. So yes, there is always an uplift when we reach the next fundraising cycle. But as Pia mentioned, no fee profit margin target is -- we don't communicate that kind of guidance.

And regarding speed of the fundraising, why infra fundraising is able to move with the speed of light, while others are clearly struggling? Is it purely an asset class question?

Fundraising is always a combination of track record, theme and market. And Infra has all of those things very strongly in place. There is a strong market demand. It is a stellar team with a stellar track. That said, I would not agree with that all other fundraisings are struggling. So the forest fund held their first close with less than 12 months of fundraising, less than 9 months of fundraising, which is also a very strong development.

And as said, we are seeing to take in more capital into that fund also in the coming months. Real estate, there, yes, the Nordic real estate fund has taken longer. There clearly, it's a market that has been very challenging over the years. At the same time, good to note that in real estate, we have also shifted focus between what investors have wanted.

So when there's been stronger demand for the open-ended specialized funds, that is where we have taken in, on average, more than EUR 300 million over the -- per year over the past years. And that -- and then the Nordic real estate fund has delayed.

Now we see very strong momentum there. Investors really strongly moving ahead. So also there, expect the first close now.

And the last question, you touched on this already regarding the interest rate, but how that then affects the fundraising activity.

So as I said, we see very, very good strong momentum at the moment and not so much impact, like Atte was saying earlier, these are investment areas where inflation is actually favoring or they are favored in an inflationary environment and the interest rate increases haven't been that drastic. So we expect the fundraisings to go ahead.

Thank you. That was then the last question for today. So thank you very much for coming, and we wish you all a nice day.

Thank you.

Good morning, and welcome to this presentation of CapMan's Full Year Results 2025. Presenting today, we have Pia Kall, CEO of CapMan. And after the presentation, we will have a Q&A session, and you are welcome to send in questions at any time using the webcast link.

So please, Pia, handing over to you.

Thank you, Charlotte, and welcome all to the financial results for 2025. CapMan had a very strong year in 2025. We reached new record levels on all key financial metrics. Our assets under management are for the first time above EUR 7 billion and also fee income and fee profit at new record levels.

In assets under management, we had a 19% growth during last year, up to EUR 7.2 billion. We took in gross EUR 1.5 billion of new capital, EUR 600 million through our acquisition, EUR 900 million of new raised capital, but with good exits, the net growth then EUR 1.1 billion, but a strong 19% growth.

Revenue at EUR 63 million, a 9% growth from last year. Looking at the recurring fee income, an 11% growth, so we had a stronger growth.

Comparable EBIT, up 36% to EUR 25.8 million. It's driven by fee profit growth and strong fair value development in our investments.

During 2025, we also took significant steps in our strategy implementation and strengthened our focus on real asset investments. In the first quarter of the year, our Hotels II fund doubled in size with the acquisition of Midstar's portfolio, raised an additional EUR 400 million of AUM to the fund.

At the end of Q2, early Q3, we completed the partnership and acquisition of CAERUS Investments, a German real estate debt manager, one of the pioneers in the industry. And with this partnership, we also established Real Asset Debt as a new investment area for CapMan, further strengthening our focus on real assets.

At the end of the year, in Q4, we had the first close in Natural Capital's flagship fund, European Forest Fund IV, which continues fundraising, aiming to reach a larger size than the predecessor. And with a strong year behind us, the Board proposal for the Annual General Meeting is a dividend of EUR 0.12 per share for 2025.

Our vision remains to become the most responsible private asset company in the Nordics. And with the investments we do and the value creation in those assets that we do, we are building the society that we want to see in the future. As a responsible owner and investor, our reach in the society is broad.

At the end of the year, EUR 5.7 billion of the assets that we manage are in real assets. It's a 30% growth compared to a year ago. And it spans real estate, where we have 258 properties in our funds, developing human-centric sustainable real estate. 10 portfolio companies in infra spanning energy, transportation and telecom sectors and a 240,000 hectare portfolio of forest in Natural Capital across 8 European countries.

In Real Asset Debt, we are the lender to real estate owners covering 210 properties. Within private equity and wealth, we are supporting small, midsized companies in their growth journeys, a portfolio of 35 portfolio companies with some 10,000 employees.

The value drivers in our business is fee profit and carried interest from our fund management, asset management business and investment returns from our balance sheet investments, primarily invested in our own funds supporting growth of the asset management business.

And when we look at last year through these value drivers, fee profit at EUR 7.4 million, 6% growth compared to the previous year. Carry at EUR 3 million, somewhat down from the previous year. But here, we have large fluctuations between the years depending on when exits take place.

And on the balance sheet investments, investment returns returning to normal levels. Our own funds, fair value uplift above 10% last year and in total, an 8.6% uplift as the external funds somehow -- somewhat weighted it down. Fair values of our investment portfolio at EUR 179 million at the end of the year.

Looking at fee income and fee profitability. We have an 11% growth in fee income. Here, it's good to note that in '24, we had quite significant onetime retroactive fees when we had final closings in funds, something that we did not have in 2025. So if we only would compare really recurring fee income, our fee income growth would be in line with our AUM growth.

Looking at fee profit, 6% growth, we have the same mechanism here that we had no retroactive fees supporting fee profit in 2025. And if we look at the underlying scalability, our operational expenses remained at the same level as in '24, except for the addition of CAERUS and the Midstar organization then transferred to us. So very strong cost control and looking at the recurring numbers, very strong scalability that will continue to come through in the numbers.

In our balance sheet, we had at the end of the year, a portfolio of EUR 179 million fair value of a well-diversified portfolio in private assets. At the end of the year, remaining commitments or undrawn commitments to these fund investments, EUR 58 million, it's an unusually low number, and it will continue to increase when we reach first closes in our ongoing fundraisings and make commitments into those funds.

When we look at '25, we had a positive cash flow from our fund investments, driven by good exits and secondary sales. And when we look ahead, this is a trend we expect to continue. So strong positive cash flow from our fund investments over the years when the current portfolio matures and exits realize.

Looking at the fair value changes of this portfolio, all of our investment areas generated positive fair values during last year, specifically private equity and real estate being strong. And our own fund investments had a fair value uplift of 10.2%. External funds somewhat lower and leading to a total of 8.6% or EUR 15.5 million in positive fair value changes. It is a doubling compared to the previous year.

Adding then up our EBIT components, we reached a comparable EBIT of EUR 25.8 million. It's a 36% growth compared to the previous year, and it is really fee profit growth and the doubling in fair value changes that is driving this EBIT growth.

Our balance sheet remains strong. We have an equity ratio of close to 58%, cash and other short-term financial assets at EUR 65 million and in addition, undrawn credit limit of some EUR 20 million. This balance sheet gives us the opportunity to continue to implement our growth strategy, support the growth of our asset management business also in this continued uncertain market environment.

And when we look at the market, there are no drastic changes in the short term. We are moving in the right direction, but it's still too early to say that the market would properly have turned. Fundraising times have shortened during last year compared to the very long extended fundraising processes the earlier 2 years.

Transaction market is activating, but again, too early to say if the levels are really sustainable and they would still need to improve before we could properly say that the fundraising market has turned. At the same time, when we take a midterm or long-term view, the segment we are focusing on, so real asset-focused private market funds have a very attractive growth outlook with a double-digit growth expected in assets under management in the market overall.

The general market sentiment continues to be uncertain with higher inflation, higher interest rate expected and geopolitics driving volatility. While it creates uncertainty, it's also in certain ways favoring private market real asset funds. Investors looking for diversification there. The private assets are a good sort of diversification and looking for less volatility, asset-backed investments where you have more controllable outcomes, controllable cash flows are also attractive.

And against that backdrop, we continue to implement our growth strategy. In 2025, we took significant steps towards our objectives on gross level, adding EUR 1.5 billion of assets under management towards our target of EUR 10 billion and also significant steps across our CapMan WINS strategic programs.

Looking at the assets under management development, 2025 was the second year in a row where we had close to 20% growth year-on-year. During last year, we added EUR 1.5 billion of new assets under management, EUR 600 million of that through our partnership with CAERUS, adding Real Asset Debt to our investment portfolio and EUR 900 million of new capital raised during the year, primarily into our open-ended real estate funds, Midstars and the Hotel II transaction there being the clearly largest one, but also the other open-ended funds and mandates taking in capital.

In addition, we had the first close in our European Forest Fund IV fund in December and also our Wealth segment grew strongly last year. With good exits and distributing more than EUR 300 million to our investors, the net growth then EUR 1.1 billion, taking us to EUR 7.2 billion at the end of the year.

Looking ahead for 2026 and 2027, we have several fundraisings ongoing, flagships across our investment areas. Within Infra, we are preparing to launch the Infrastructure III fund during 2026. In Real Asset Debt, fundraising for CAERUS VIII fund is continuing, and we're also looking at opportunities and exploring the market for Infra-related debt investments.

Within Natural Capital, the Forest Fund IV fundraising continues after the successful first close end of last year. And in Nordic Real Estate IV, at the beginning of the year, we have secured the option for the first investment into the fund as a seed investment, supporting fundraising that's ongoing in that fund. For all of these funds, we are looking to raise larger fund size than the predecessor funds. In addition, the open-ended real estate funds continue to be attractive, and we expect to take in capital also in those during the year as we have done throughout the previous years.

Within private equity and wealth, we have Nest and Special Situations raising their next funds. And when we look more into 2027, it starts to be relevant also for growth to come out with their fourth fund. Within wealth, continue with the investment partners programs, but also their continuously growing product portfolio. So a lot of activity and succeeding with these will take us to our strategic objective in assets under management.

If you look at the assets we manage and the new capital we take in, at the moment, we have some 55% of our assets under management coming from outside of the Nordics, specifically Central Europe and to some extent, North America. When we look at the EUR 900 million that we raised during last year, it is a very broad mix where you have close to 40% coming from Central Europe, outside of the Nordics, a very strong intake from Sweden, especially for our real estate side and some 20% from our Finnish investors.

Taking another cut at the same numbers, we can also see that 60% of the capital we raised come from new investors to CapMan. So we are continuing to broaden our investor base. This is also the result of very long-term work to build the relationships, which is now bearing fruit. So 60% coming from totally new investors to us and then cross-selling existing investors in one product, also investing in another strategy, some 20% and re-ups at 20% out of the total. Still good to note that when we look at individual funds, the re-up rates are clearly high, somewhere around 70%, 80% normally. But out of the total mix, 20% last year.

When it comes to value creation in our funds, continued strong across all investment areas with good value uplift across funds. Also transaction activity got back to more normal levels, active levels. In total, during last year, 10 new platform investments spanning across especially real estate, where the Nordic real estate markets are offering really attractive opportunities at the moment. So 7 investments out of 10 across our real estate funds. In addition then on the private equity side, Special Situations, Nest and Growth making new investments in their latest funds.

Exit activity, even more active, 15 exits completed last year and across the board with very strong stellar returns. Here, we have private equity being especially active with buyout exiting in total 5 companies, but also Growth and Nest making exits from their portfolio. Then several good, really strong exits from real estate and likewise, from the Natural Capital side. In Natural Capital, 3 different portfolios from Portugal, Latvia, Lithuania exited during last year.

Sustainability work continues hand-in-hand with the financial value creation. Here, a lot of the data concerning 2025 is still being collected from our portfolio companies and assets. But one highlight already now is the progress on climate, where during last year, real estate validated their net zero targets and also achieved significant reductions in greenhouse gas emission intensity across their properties, 56% down and 80% down in their commercial and residential portfolio, respectively.

When it comes to private equity and infra, so the share of portfolio companies with their own science-based emission reduction targets in place grew to 21% of the portfolio from 8% at the beginning of the year. And the sustainability work also showing in international benchmarks where the GRESB results for last year, we have across the board, improved our ratings in our funds, and we now have 5 funds with a full 5-star rating and no fund below 4. It's a significant step-up from '22 where the best rating we had was 3 stars and also less funds being rated back then.

None of this would obviously be possible without the fantastic professionals we have at CapMan. And I'm very happy to see that we continue with a very strong employee satisfaction and inclusion index, eNPS last year at 51 and inclusion index at 81, both above our target levels. And here, obviously, the heavy lifting and the big thank you also goes to the management group, but also all of the team leaders in our organization for keeping the best people, developing them and together making great results.

Looking at our long-term financial objectives. We have an objective to grow average annual growth of above 15%. Last year, 11% achieved. But here, looking at the underlying recurring revenue growth, clearly higher. Return on equity above 20%, last year landed at 9%. Equity ratio above 50%, and we were at 58% at the end of the year.

Our distribution policy is to pay sustainable distributions that grow over time, pay more than 70% of the result, excluding fair value changes. And then when we see that we have excess cash in the balance sheet that we don't need for foreseeable growth initiatives and growing the overall business, we can also distribute that. The Board of Directors proposed to the Annual General Meeting that the dividend for 2025 is EUR 0.12 per share.

When it comes to our outlook for 2026, given the nature of our business, there are a lot of external factors that impact exactly the timing of some -- when we can record some result items like fair value changes or carried interest. And given that what we give an outlook for is the growth of assets under management, where we expect them to continue to grow compared to last year and fee profit that is also expected to grow in 2026. Thank you.

Thank you, Pia. [ We also welcome Atte Rissanen, CFO, to the stage ]. So let's start with our questions.

Sauli from Inderes. About the natural capital for first close, can you give us the number?

We are not disclosing the exact number, but let's put it this way that the size is such that the fund can start to implement its strategy of making significant industrial size investments in the market.

Okay. Then about the real estate AUM, it grew some EUR 200 million in Q4. How much of that was net sales to the open-end vehicles and how much was like just value uplifts?

Majority is new.

Yes, majority is, I say that more than 90% is new intake. It's practically all.

Okay. And that goes to open-ended vehicles, right, social...

Open-ended and mandates, yes.

Yes. Okay. Then your AUM went down basically in all other lines that was due to the exits, right, mostly?

Yes.

Then about the real estate for -- do we have -- in the time line, you show that the final close would be in end of '26. Is that really valid considering the fact that you haven't done first close?

Well, usually, the funds are open 12 months from first close. So -- and we are obviously working towards the first close in the fund.

When should we expect the first close?

We are not giving a more exact time line than it's going on. But what happened there in the beginning of the year is that we have secured the option to make the first investment into the fund, and that is secured. And obviously, having a seed deal in the fund is something that is strongly supporting fundraising.

Okay. Talking about seed investments in the Dasos, you made EUR 10 million commitment for the fourth fund. Is that your total ticket to that fund?

For the time being, yes.

Should we look at that as a proxy when you are making other flagship investments?

It's not a proxy, but yes, it can be used as a generalization of those kinds of flagship strategies.

Yes. Just trying to get a grasp like how much you actually need to invest in the 5 years ago in the previous large vintage, you made some hefty investments there. So EUR 10 million is like peanuts comparing to those numbers, so...

It very much depends on the situation and also how we see that we can tactically utilize our balance sheet to facilitate, support the fundraising.

Can you talk more about the infrastructure debt option, so to speak?

That is exactly that. It's an option. So the core of CAERUS is real estate debt, and that's also where the VIII fund is being raised. But we are ongoingly exploring the option to expand it into infra debt, which will be a very natural expansion given our setup and for Real Asset Debt in general. So it's a combination of market opportunity, investor appetite and the right capabilities, getting them into the team.

And that -- just to make sure that would be for the Central European market?

That would be primarily for the Central Europe or European strategies. With the debt strategies, they tend to be more European than specific into certain -- just a couple of countries.

What about -- on the same topic, what about the real estate debt in the Nordics when you bought CAERUS, you floated the idea that it could be interesting to bring that asset class to the Nordics. Have you moved further with those thoughts?

So the mandate CAERUS has at the moment in their current funds is actually including also the Nordics. So what has happened since we joined up with CAERUS is that their deal flow has significantly increased in the market and also, of course, their ability to assess the Nordic opportunities with local teams, local understanding of the market here is significantly better. So it is definitely part of the scope.

Okay. And then finally, about the management fees in Q4, they were really high, where there's something special like one-offs or something? Or is that like should we look at that as a run rate figure?

That's a very good proxy for the run rate figure. I mean there's always some items that may fluctuate quarter-to-quarter, for example, based on acquisition-related fees or these types of, but nothing that would sort of tilt the picture in the same sense as, for example, a retroactive closing or not in the same magnitude.

So should we like maybe more use second half as a proxy since CAERUS is...

It's always better to use a longer time period than just a single quarter when it comes to our business.

It's Patrick Campbell from Nordea. Just going back to the high management fee in the quarter and perhaps the somewhat soft fee profit in the quarter, were there any noticeable cost items apart from bonuses that should not be extrapolated into the future?

I mean, well, you're correct in looking at the fee profit, but actually in Q4 versus Q4 last year, fee profit improved and fee profit margin also improved in Q4. But yes, I mean, in addition to bonuses, other operating expenses, there's always some variability between the quarters. But otherwise, if you look at the personnel expenses, take out the carry-linked bonuses as well as the other items impacting comparability, you should be pretty on a solid level.

All right. And then just going back to the presentation, you mentioned uncertainty. My question relates to that. So what is the current investor sentiment in the market? And are investors still cautious in regards to taking on more risk?

So I would say there's no drastic changes in the market sentiment from the end of the year. So it's clearly easing up and investors are looking to commit more capital than maybe in the past 2 years, but it's still too early to say that we will be back in a very strong fundraising market. So exit activity has picked up, distributions have picked up, but we need to see a longer track of that, I think, in the market before we can actually say that fundraisings and commitments are fully back. But in general, I would say the sentiment starts to be more positive. There's a lot of good ongoing discussions. Investors are clearly looking to allocate throughout the year now.

I could still continue on the cost. So just to make sure that I understand this correctly. So you booked the carry on the P&L, it's give or take, EUR 4 million and then you are talking about net carry, which is like EUR 3 million. So the delta there that, give or take, EUR 1 million, it's run through the P&L on the personnel expenses basis.

Yes, those are carry-linked bonuses and those are separated there in the -- when we present the APMs in the report.

Yes. Just out of curiosity, like usually, the carry-linked bonuses, they run off P&L. Why is this like some historical thing? Or this is all vintage, obviously?

This is mainly related to Kokoelmakeskus carry booked in Q4. And this is from -- in terms of CapMan in atypical arrangement, but one should take into account that CAERUS has basically all of the carried interest that is paid out to the investment team via the P&L. So that is a line item you will continue to see in the future as well.

And you continue to report the net carry, obviously?

Net carry, yes, because it is basically linked to the carry and not the fixed personnel expenses or related to the fee profit.

Okay. That's helpful. Then about the costs. Obviously, in the first half of '26, there will be some like year-on-year uplift due to the fact that you made the -- you did the Midstar and the CAERUS, of course. But looking at the H2 next year, what kind of cost pressure are you seeing like -- or you can look at the whole '26 just exclude the CAERUS and Midstar?

I wouldn't say that cost pressure right now is a similar type of topic that it's been maybe during the past couple of years. Of course, there's always cost pressure, but I think we're maintaining good cost control and look to do so in the future.

Do you expect your personnel level to stay flattish in '26?

I mean, yes, we are expecting that the scalability of our operations will improve going forward. And yes, that if there won't be any inorganic moves, then the organic growth of the personnel is -- well, should be quite moderate.

Then finally, what was the number of the employees at the end of '25? You reported average, but I mean the average is due to the structural changes, it's -- I guess it's not the right one to use here.

230, I think, is roughly the right number at the end of the year.

Okay. Thank you. Then we move over to questions from our online audience. So we still have some troubled open-ended real estate market in Finland. Are you seeing this potentially creating opportunities for you?

Definitely, we are looking -- I mean, there are opportunities in the market now, both might be because of that, some funds being in trouble. But in general, the markets are very attractive at the moment with valuations that have stabilized, and we also see strong value creation potential going forward. So we are definitely -- like you saw from last year as well, with 7 new investments across the real estate portfolio, we are definitely active on the investment side.

And you have successfully exited buyout targets. Do you need to activate also in Infra exits before launching the next fund?

The launch of the next fund is not dependent on exits in Infra. They have a very good track record. They have exits also in the past. But there are companies that are nearing maturity, and we will most likely see some exits over the coming months and 12 months.

And a question also regarding real estate. Could you provide any indication update on the ongoing real estate for fundraising? Is the first close for the fund realistic during first half?

So like we already answered in one of the questions. So the fundraising is ongoing, and we are definitely targeting a first close this year. We are moving closer to it as we also have secured the first -- the option for the first investment into the fund now in the beginning of the year. So active dialogues there with the investors.

And then a question regarding dividend. Why is the dividend down, not in line with the communicated strategy?

The proposed dividend of EUR 0.12 per share is actually exactly following our dividend policy. So what the policy says is sustainable dividends that grow over time, but not the year-on-year growth as such. What it is, is -- what we're looking at is distributing at least or more than 70% of the profits, excluding fair value changes. And then we're looking at our investment operations and what the need is going forward to support growth and create good returns in our investment portfolio and where we see excess cash possibility to distribute, that's what we distribute to shareholders. And the EUR 0.12 is a total consideration of this that the Board landed at.

Thank you. Any more questions in the room?

Yes. Sauli from Inderes. About the -- your own fund investments, are you expecting it to go up during the -- let's say, during this fundraising cycle? We are currently at EUR 180 million or so. Since obviously, you have some vintages, very large ones coming to exit mode. And at the same time, you need to make seed investments on the new ones.

It's slightly also depending on, of course, the investment performance, the underlying, if the fair values go up significantly, then that increases. But I'd say that the overall exposure should not be going up. Also, there's a significant part of external fund investments that are not part of the strategy. Those will be or should be over time, of course, decreasing. But -- and there is no similar type of EUR 30 million oversized commitments, which were made back in 2017 that play a large part right now in the balance sheet. So it is, of course, very difficult to say how fair values will develop during future years, but it's not in the plans to increase the size of the fund investments.

Yes. So if we look at the cash flow basis, then it's definitely -- cash flow basis should be definitely negative since it excludes the fair value. I mean, investments in...

Yes. So cash flow to CapMan should be definitely positive, yes, yes, yes.

And if I understood correctly, if I look further than just this fundraising cycle, let's throw the ball at the end of the decade or so, the fund investments should be clearly lower than right now since obviously, the old like the legacy Norvestia stuff is clean from the balance sheet, so to speak, and then the large vintages which you mentioned are on the books, right?

That starts to be a pretty long time horizon to guesstimate.

But yes, the relative share will decrease.

And a question here. The management fee had a significant step up from Q3. Could you provide color on what was driving this?

I think we covered it in very much real estate funds.

Real estate and also CAERUS was contributing to that.

Okay. Then we don't have any more questions. So we thank you very much for today. I wish everyone a nice day. Thank you.

Thank you.

Good morning, and welcome to this presentation of CapMan's Q3 Report 2025. Presenting today, we have Pia Kall, CEO of CapMan. And after the presentation, we will have a Q&A session, where you are welcome to send in questions at any time using the chat in the webcast link. Pia, please, I hand over to you.

Thank you, Charlotte. And welcome also from my side. CapMan had a strong third quarter, both financially and in executing on our growth strategy. At the end of the quarter, our assets under management are on a new record level at EUR 7.1 billion. It's a 17% growth since the start of the year, coming both from some EUR 560 million of new capital that we have raised and also the acquisition of CAERUS, adding EUR 640 million of assets under management. Revenue flat or on the same level as last year. During the first 3 quarters, we have not had exits that would have resulted in material carried interest. So that is lacking from the revenue. But if we look at the fee income, it is growing 6% per year, 6% compared to last year. Comparable EBIT, we are 46% above last year at EUR 19.1 million, the growth primarily driven by strong fair value development in our own fund investments.

In our work, we're continuing to execute on our vision to become the most responsible private asset company in the Nordics with the investments we do, building the society that we want to see in the future. And if you take a snapshot of our portfolio at the end of the third quarter, 80% of our assets under management are invested in real assets and the remaining part in private equity and wealth. Real Estate, developing human-centric sustainable real estate across the Nordics is an owner of 259 properties through their funds. Infrastructure investing in energy, transportation and the telecom sectors being part of the green transition with, at the moment, 11 portfolio companies. In Natural Capital, we're investing in timberland in biological growth, climate change mitigation, a portfolio of 240,000 hectares across 8 European countries. And now also for the first time, Real Asset Debt as part of our portfolio, where we offer tailored real estate debt solutions across the entire real estate life cycle. At the moment, in our portfolio, 210 properties.

Within our specialized private equity strategies, supporting small, midsized unlisted companies in their growth and internationalization, at the moment, 37 portfolio companies, a couple lower than at the end of the last quarter as we have had some successful exits in that area. We are a focused asset management house with our main business being management of our funds across our investment areas and the value drivers there, fee profit from these funds and carried interest when we realize successful exits. In addition, as a value driver, investment returns from our balance sheet investments that we focus primarily on investments into our own funds, also then supporting growth of that business.

Looking at these key financials for the first 9 months. Fee profit at EUR 6.5 million is at the same level as last year. It is a strong development because this year, we have not had any retroactive fees for final closings in funds, which we had last year. So underlying business scaling nicely. When it comes to the carried interest, no material exits during the first 9 months that would have realized carry, therefore, a very low number. However, in October, we already had some exits that we'll realize, carry later and several in process that over the next 6 to 12 months should realize. When it comes to investment returns, a fair value uplift of 6.9% for the first 9 months or EUR 12.4 million, good development also compared to the last 2 years and total fair value of our investments, EUR 185 million at the end of the quarter.

Taking a look then at fee income and fee profitability development. Fee income growing 6% compared to last year. If we exclude the retroactive fees that we had last year but haven't had this year, it is a double-digit growth that is in line with growth of our assets under management. Cost control has remained very good. Additions on the operational expense side are basically only the acquisition of CAERUS and the organization that transferred with the Midstar transaction that we did earlier in the year. And as a result then fee profit on the same level as last year, meaning that the underlying business is scaling and the relative profitability improving and on a track to further improve.

When we then look at our balance sheet and our investments there, at the moment, we have private asset investments of EUR 185 million in total, EUR 50 million of remaining commitments into funds. It's a well-diversified portfolio and we have, during this year, used our balance sheet to support growth. There's been a solid, steady investment base across our investment areas deploying capital. And we also used our balance sheet to enable the Midstar transaction by providing an equity bridge from our balance sheet. So using it in line with our strategy to support growth. There's also been a good fair value development in the balance sheet throughout the year but it has not materialized yet into significant exits. That means that where we stand at the moment is that we have a net negative cash flow in our investment operations, but the value developed in the portfolio is not lost. So when the exits materialize and also when the exit market again reactivates, we expect this to reverse and see a strong positive cash flow from the balance sheet.

The value of external funds continue to decrease, that's in line with our strategy. And we have sold off some of our stakes in external funds, both at the beginning of this year, end of last year and also now in the third quarter. And as said, strong fair value development. For the first 9 months, 6.9% uplift in fair value or EUR 12.4 million, primarily that is driven, again, by our own funds across investment areas, contributing EUR 11 million or almost 8% and external funds EUR 1.4 million or 3.5%. Already now with 9 months in, we are on a higher level in fair value development than we were full year in the last 2 years. As we then look at our EBIT components compound, we can see that we are at EUR 19.1 million, 46% above last year and the main driver so far this year being these positive fair value changes.

On the balance sheet side, we maintain a solid, strong balance sheet with good liquidity. Equity ratio at 59% and we have cash and other short-term financial assets of EUR 54 million. This financial stability and strong liquidity enables us to continue to systematically execute on our growth strategy also in a more uncertain market. In practice, what it means is that we can use our liquidity to support growth in our asset management business, decrease interest-bearing debt and that way, deliver strong shareholder value creation.

If we then move on to more of our strategy execution, but starting with a look on what's happening in the overall market. If we look at where we are now or the market sentiment right now, I would say that the economic and geopolitical uncertainty that spiked around April, when we had the U.S. tariff announcements that has somewhat now slowed down or diminished and we have a more stable environment. We see it as -- transaction activity is again resuming. It's picking up. It's still on low levels but it's higher than it was a year ago.

And we also see some indications from market statistics that the fundraising times, median times would start to shorten compared to the very long times that we've seen in the market the last 2 years. I see these as early indications on that the market is bottoming out and turning positive. For 2025, it will still mean that this will be the fourth consecutive year when we have in a market less new capital raised into the industry. But then on the other hand, if we look at it in the bigger picture, it is a growth market. So even with lower new capital raised certain years, the assets under management in the overall private asset market is continuing to grow. And if we take a slightly longer midterm long-term view, it is a growth market with a solid 7%, 8% annual growth.

We continue to implement our growth strategy and our CapMan WINS strategic programs with the objective to reach EUR 10 billion of assets under management and working across our Winning Team, Investors' Choice, Nimble Operations, and Sustainable programs. Looking at the assets under management development and our target, we are now at a record EUR 7.1 billion. So far year-to-date, it's been the acquisition of CAERUS, establishing Real Asset Debt as a new investment area that has contributed EUR 640 million. We've also taken in good new capital into our open-ended real estate funds and also on the wealth side. There are several fundraisings ongoing, actually across all of our investment areas at the moment, ongoing or being planned. In Natural Capital, our Forest Fund IV, we started the fundraising earlier this year and we expect to hold a first close in the fund still during this year.

When it comes to Real Estate, what we see is more investor appetite for our open-ended funds at the moment, Hotels, Social Real Estate, Residential, where we've already taken in total during the year, some EUR 500 million of new capital and also expect more capital inflow there. What it then means with more interest there is that we are moving the target for the Nordic Real Estate IV fund first closing into 2026.

Within Real Asset Debt with CAERUS, we have now jointly kicked off the fundraising for their VIII fund, early stages there, but the joint work progressing well. And also started planning for the Nordic Infrastructure III fund that is something that we'll start fundraising. At the moment, the plan is sometime during 2026. In addition, at the moment, on our private equity side, we have Nest IV so our credit fund and Special Situations II in fundraisings and also several of our wealth products taking in capital. So it's an active agenda, both for the rest of this year and also throughout of next year. But we continue to see strong appetite for our products, especially among international institutional investors.

Total new capital intake during the year, EUR 1.1 billion so far, EUR 640 million from that from CAERUS, EUR 560 million that we have raised. When we look at the split, we are currently with roughly 50% -- a bit more than 50% -- 53% coming from outside of the Nordics. There, we've seen strong growth in the DACH region or Central European region during the year. But also in the Nordic side, especially with the Midstar transaction, good new investors coming in from the Nordic countries, especially Sweden. And if we double-click on the new capital raised into our funds, it is actually quite evident that what we've been successful with this year is attracting new investors to CapMan funds. 80% of the fundraising has been investors who have not before invested with us. It shows that our products are competitive and attractive for institutional investors.

The cross-selling and re-up and top-up to our funds, re-ups at the moment, 12% for the first 9 months. That is basically top-ups through our open-ended funds. So investors who already are in our open-ended funds increasing their commitments to those same funds. We haven't had any large closings in closed-end funds, which is the reason why the re-up rate is low because there hasn't even been that possibility so far this year. But very happy to see these new investors join us and the large share of those, that's a good basis going forward.

When it comes to the investment activity in our funds, it's been solid on the new investment side throughout the year. In total, we made 8 new investments since the start of the year; 6 of those have gone into our real estate funds. The market is attractive at the moment to make real estate investments, and we are capturing that opportunity. In addition, Special Situations and Nest being active on the new investment side. When it comes to exits, it's really only in the third quarter as we've seen exits materialize, 2 exits from our buyout fund, one from Growth II and a portfolio of Portuguese forest that was exited from the Dasos II fund. Also in October, already, we have announced 2 exits from the real estate side, very successful ones, both from Nordic Real Estate III and then the Kokoelmakeskus fund exiting their logistics center, also taking that fund into carry with that exit. And on the exit side, it's been a more challenging market but there are several projects ongoing and processes ongoing at the moment. So going forward, the next 6 to 12 months, we should have more exits realizing.

We continue our systematic sustainability work across our main themes and combining the sustainability work with our financial value creation plans. A testament for that the work is successful and is also recognized is the annual GRESB International benchmarks, specifically for real estate and infrastructure funds. All of our funds improved their scores and their asset level scores in this year's benchmark. And we now have 4 of the real estate funds having the full 5 star rating, so an improvement from last year and also our second infrastructure fund having a full 5 star. Our Infrastructure I fund also improved their scores but the bar to reach 5 stars is actually going up year-on-year. So this year, we were just below that bar and got 4 stars, but it's still a strong development in the underlying assets.

Our long-term financial objectives unchanged. We target a growth of 15% per year on average in revenue. This year 6%, but looking at a slightly longer period, a solid double-digit growth. Return on equity at the moment, somewhat below our target, but the equity ratio clearly above at 59%. When it comes to our distribution policy to pay sustainable distributions that grow over time. What it means in practice is the objective to distribute at least 70% of the group's profit without fair value changes, so basically meaning a fee profit and the carry. And then when we have strong positive cash flowing on our investment operations and we deem that we have excess cash also distributing that to our shareholders.

For this year's outlook, we keep it unchanged. So our estimate is that assets under management will grow compared to last year and also fee profit will grow compared to last year.

Thank you, and let's open up for Q&A.

We also welcome Atte Rissanen to the stage, CFO of CapMan. So let's start with questions from the audience here in the room, please.

About the Kokoelmakeskus, you did the exit last week, I think. Can you give us a magnitude of the carry there?

We will see it in the fourth quarter figures.

Yes, exactly.

Okay. Then about this CBS, I think you said programs, not program. So can you elaborate a bit more on that since, I guess, at this stage, you have only done the CBS, the I, II, III, IV program?

Yes. So on the wealth side, well, obviously, wealth has several different products. Yes, we have the Investment Partners program where we raised the fourth fund and soon go into raising the fifth fund. And then actually, wealth has developed new products also during the year on the credit side, both open-ended and closed-ended programs, still kind of in the initial phase but also those are fundraising. So broadening their product scope.

Jaakko Tyrvainen from SEB. On CAERUS and the level of AUM around EUR 600 million right now. Could you elaborate a bit more what is the CAERUS impact on the fee profit side? I know that you provide some high-level numbers for us. But just to understand the fee profit going forward and how is the fundraising progressing? And what has been the investor take-up in the Nordics regarding this your new or you expanding your portfolio offering?

Yes. I can take the fee profit. So we've provided some details in connection with the preliminary purchase price allocation calculation. And there we state that the fee income during Q3 or basically now the first 2 months that CAERUS has been with us is EUR 0.6 million and the fee profit impact is EUR 0.1 million.

And I can take on the fundraising side. So the fundraising is really in the early stages. And as always, starting first with your existing LPs and their kind of re-ups. And there, what we see from the investor side is reactivating interest. So it's been tough on the real estate side, as we all know. And now we see several investors who are indicating that they will deploy during next year and we do discussions there, and then only starting up the discussions with the broader CapMan network.

Then on the forest fund -- next forest fund, which is targeting closing by the year-end. Are you planning or expecting the final fund size to be above its predecessor?

That's the target, yes. But not yet at first closing but as the final close size of that fund definitely.

Then the IPO window finally has opened also here in Finland and the -- also assets on the real estate side are perhaps moving a bit more actively. Any outlook commentary or expectations on carry for Q4 and perhaps looking at '26?

So like I said, there are -- well, for Q4, Kokoelmakeskus hasn't of course already realized and that fund went into carry. But then looking into '26, there are across different funds, several exit processes ongoing. It's a bit early to say exactly when they will realize and which are the funds that will ultimately move into also realizing carry. But over the next 12 months, yes, expect exits that will generate carry.

It's Patrick Campbell from Nordea. Just a few questions. First, starting off going to fundraising. So why are investors preferring to invest in open-ended funds as opposed to the new closed-end funds?

It's different strategies with different return expectations. So specifically in our real estate side, in the open-ended side that are targeted to institutional investors, it's stable income strategies also very specialized. So specifically Residential, Social, Real Estate and Hotels with then lower -- but also lower return but also lower risk level, which several investors at the moment see that this is a good time to enter those specific segments in these type of assets. Our Nordic Real Estate IV fund is a value-add fund, so higher return, higher risk. In other words, a different investment strategy. And right now, there's been more interest towards these specialized strategies.

Then just going back to exits. So in H2, you had quite a few exits if you look at the comparison to H1. What are you kind of seeing in the market? What has changed? Is it a function of price or multiple expansion or just less uncertainty in the market?

I would say it's -- now specifically in Q3, it was less uncertainty in the market. So I mean, they are normally quite long processes. And across the board, we saw there around the end of Q1, early Q2, basically more or less a freeze in the market, which just then delayed things and then it started moving again and is realized now in Q3. So that's the dynamic why they all ended up now quite close to each other.

Okay. Then we have no further questions. So thank you very much for this presentation. And we wish everyone a nice day. Thank you.

Thank you.