Strong Growth With Improved Clarity

CapMan delivered a strong Q1 2026 result with 22% fee income growth and a profitability beat, leading Nordea to maintain a fair value range of EUR 1.6-2.0 per share.

Key Takeaways

• 1.CapMan reported a Q1 profitability beat, with adjusted EBIT of EUR 6.1m exceeding the estimated EUR 4.8m, primarily driven by fair value changes and fee income growth.
• 2.The company maintains a strong focus on its target to reach EUR 10bn in Assets under Management (AuM) by 2027, supported by improved visibility on fund closure timelines.
• 3.Nordea maintains its SOTP-based fair value range for CapMan at EUR 1.6-2.0 per share following minor estimate revisions.

Table of Contents

• Strong growth with improved clarity
• Fee income and profit accelerated in Q1
• Improved visibility on AuM growth
• Fair value range of EUR 1.6-2.0 per share
• Q1 results and revisions
• Estimate revisions
• Valuation
• Detailed estimates
• Reported numbers and forecasts
• Disclaimer and legal disclosures

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