CapMan’s fee income of EUR 13.0m grew 8% y/y and was fairly in line with our estimate of EUR 13.2m. Fee profit of EUR 1.5m came above our estimate of EUR 0.7m due to lower other operating expenses level. Group level adjusted EBIT of EUR 7.2m came significantly above our estimate of EUR -0.6m, with main deviation being fair value changes of EUR +5.7m versus our estimate of EUR -1.3m. We expected no carry and a negative EUR -0.04m carry was booked. AuM grew to EUR 6.4bn from EUR 6.0bn in Q4, supported by the Hotels II's acquisition of Midstar Fastigheter. Company mentions that the year has started with strong activity, with multiple acquisitions by NRE III and the aforementioned Hotels II acquisition. CapMan Wealth's annual Investment Partners program closed its fourth fund at a record level of USD 120m. While fundraising for NRE IV and European Forest Fund IV continue, the uncertainty in the market pushes the first closes towards the latter part of the year. Overall, we consider the results solid both on the group and underlying level.
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