CapMan's Q2 2025 results were largely in line with our expectations, with fee income declining slightly against a strong comparison period and adjusted EBIT (EUR 3.4m) a notch higher than we had expected. While positive fair value changes of EUR 1.9m and EUR 0.2m carry were a positive surprise, fee profit of EUR 1.3m missed our expectation as higher personnel costs burdened profitability. Owing to increased visibility for the CAERUS acquisition and revised personnel cost assumptions, we cut 2025E adjusted EBIT by 5%, but raise our estimates for 2026-27 by 1-3%. Our SOTP-based fair value range remains intact at EUR 1.7-2.1 per share. Marketing material commissioned by CapMan Oyj.

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