CapMan's Q4 was solid across the board, with both Management company business fee income and adjusted EBIT beating our estimates. Positive fair value changes of EUR +5.1m further propelled group adjusted EBIT to EUR 6.0m, significantly above our EUR -0.4m estimate. We consider the Q4 results solid overall and view CapMan's 2025 outlook as positive, supported by a potentially improving fundraising market and with flagship funds in the pipeline. We derive a EUR 1.6-2.0 fair value range per CapMan share. Marketing material commissioned by CapMan Oyj.
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