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Group information
CapMan\u2019s business comprise of private equity fund management and advisory services, as well as investment business.
The funds managed by CapMan make investments in Nordic companies and in real estate and infrastructure assets in the
Nordic and Central European countries. CapMan also offers wealth services offered to smaller investors. From its own
balance sheet, CapMan invests in the private equity asset class, mainly in its own funds, but also selectively in funds
managed by external fund managers.
The parent company of the Group is CapMan Plc and is domiciled in Helsinki, with a registered office address at
Ludviginkatu 6, 00130 Helsinki, Finland.
The Consolidated Financial Statements may be viewed online at www.capman.com, or a hard copy is available from the
office of the parent company.
The Consolidated Financial Statements for 2025 have been approved for publication by CapMan Plc\u2019s Board of Directors
on February 11, 2026. Pursuant to the Finnish Companies Act, shareholders may adopt or reject the financial statements
and make decisions on amendments to them at the Annual General Meeting.
Figures in the accounts have been rounded and consequently the sum of individual
figures can deviate from the presented sum figure.
The result and financial position of each of the Group\u2019s business units are measured in the currency of the primary
economic environment for that unit (\u2019functional currency\u2019). The Consolidated Financial Statements are presented in euros,
which is the functional and presentation currency of the Group\u2019s parent company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-224": { "value": "CapMan\u2019s business comprise of private equity fund management and advisory services, as well as investment business. The funds managed by CapMan make investments in Nordic companies and in real estate and infrastructure assets in the Nordic and Central European countries. CapMan also offers wealth services offered to smaller investors. From its own balance sheet, CapMan invests in the private equity asset class, mainly in its own funds, but also selectively in funds managed by external fund managers.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-225": { "value": "CapMan Plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-226": { "value": "CapMan Plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-227": { "value": "Ludviginkatu 6, 00130 Helsinki, Finland", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-228": { "value": "Finland", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-229": { "value": "Finland", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-230": { "value": "Finland", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-231": { "value": "
The Consolidated Financial Statements for 2025 have been approved for publication by CapMan Plc\u2019s Board of Directors
on February 11, 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-232": { "value": "Plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-233": { "value": "
1. Accounting policies
Basis of preparation
The Group\u2019s financial statements have been prepared in accordance with International Financial Reporting Standards
(IFRS) in force at December 31, 2025 as adopted by the European Union. International Financial Reporting Standards,
referred to in the Finnish Accounting Act and in ordinances issued based on the provisions of this Act, are standards and
their interpretations adopted in accordance with the procedure laid down in regulation (EC) No 1606/2002 of the
European Parliament and of the Council. The notes to the consolidated financial statements have been prepared in
accordance with the Finnish accounting standards as and where they supplement IFRS requirements.
The preparation of financial statements in conformity with IFRS requires the Group\u2019s management to make estimates and
assumptions when applying CapMan\u2019s accounting principles, and these are presented in more detail under \u2019Use of
estimates\u2019.
The Consolidated Financial Statements have been prepared under the historical cost convention, except for financial
assets and liabilities valued at fair value through profit or loss. The information in the Consolidated Financial Statements
is presented in thousands of euros. Figures in the accounts have been rounded and consequently the sum of individual
figures can deviate from the presented sum figure.
New and amended standards and interpretations applied in financial year ended
The Group has applied amended standards and interpretations that have come into effect as of January 1, 2025. These
amendments had no material impact on the consolidated financial statements.
Adoption of new and amended standards and
interpretations applicable in future financial years
The Group has not yet adopted the new and amended standards and interpretations already issued by the IASB, such as
IFRS 18 Presentation and Disclosure in Financial Statements. The Group will adopt them as of the effective date or, if the
date is other than the first day of the financial year, from the beginning of the subsequent financial year.
The Group expects IFRS 18, effective as of January 1, 2027, to have an impact on the structure and subtotals of the
consolidated income statement and disclosures given with regards to management-defined performance measures. As
investments in funds may be considered a specified main business activity under IFRS 18, fair value changes of
investments are anticipated to remain in the operating category as currently presented. However, consequential
amendments to IAS 7 Statement of Cash Flows will have an impact on how cash flow items are grouped, and the Group
expects this to primarily result in presenting interest paid in financing activities (instead of operating activities), whereas
interest income from cash and cash equivalents would be presented in operating activities under amended IAS 7.
The Group does not expect other future amendments or new standards to have a material impact on the Group\u2019s financial
statements.
Consolidation principles
As CapMan has determined it meets the definition of an investment entity, its subsidiaries are classified either as
operating subsidiaries, that are considered to be an extension of the Parent\u2019s operations, and as such, they are
consolidated or investment entity subsidiaries, that are fair valued through profit or loss. The types of subsidiaries and
their treatment in CapMan\u2019s consolidated accounts are as follows:
\u2022 Subsidiaries that provide fund management services (fund managers) or manage direct investments are considered to
be an extension of the Parent\u2019s business and as such, they are consolidated;
\u2022 Subsidiaries that provide fund management services (fund managers) and which also hold direct investments in the
funds are consolidated and the investments in the funds are fair valued through profit or loss;
\u2022 Subsidiaries that provide fund investment advisory services (advisors) are considered to be an extension of the Parent\u2019s
business and as such, they are consolidated;
\u2022 Investment entity subsidiaries (CapMan Fund Investments SICAV-SIF), through which CapMan makes its own fund
investments, are valued at fair value through profit or loss.
Significant judgment applied by management in the preparation
of the consolidated financial statements \u2013 investment entity basis
CapMan qualifies as an investment entity as defined by IFRS 10, because the corner stone of its business purpose is to
obtain capital from investors to its closed-end private equity funds and to provide investment management services to
those funds to gain both capital appreciation and investment income. Direct investments represent a relatively small part
compared to total assets under management. CapMan obtains funds from many external investors for investment
purposes. Documented exit strategies exist for each fund\u2019s portfolio investments. Each fund\u2019s portfolio investments and
the real estate investments are fair valued and such fair value information is provided both to the fund investors on
reporting date and also for CapMan\u2019s internal management reporting purposes. In addition, management has assessed
that the following characteristics further support investment entity categorization: CapMan holds several investments
itself in the funds, investments in the funds are held by several investors, the investors are not related parties and the
investments are held mostly in form of equity.
Significant judgment applied by management in the
preparation of the consolidated financial statements \u2013 control over funds
One of the most significant judgments management made in preparing the Company\u2019s consolidated financial statements
is the determination that Company does not have control over the funds under its management. Control is presumed to
exist when a parent has power over the investee, has exposure to variable returns from the fund and is able to use its
power to affect the level of returns.
CapMan manages the funds against management fee received from the investors on the basis of the investment
management mandate negotiated with the investors and it also makes direct investments in the funds under its
management. Accordingly, CapMan was required to determine, whether it is acting primarily as a principal or as an agent
in exercising its power over the funds.
In the investment management mandate the investors have set detailed instructions in all circumstances relating to the
management of the fund limiting the actual influence of the general partner at very low. In general, having a qualified
majority, investors have a right to replace the general partner and/or fund manager. The remuneration CapMan is entitled
to is commensurate with the services it provides and corresponds to remuneration customarily present in arrangements
for similar services on an arm\u2019s length basis. CapMan\u2019s direct investment (typically between of 1% to 5%) in the funds
and thus the share of the variability of the returns compared with the other investors is relatively small. As an investor in
the fund CapMan has no representation nor voting rights as it has been specifically excluded in the investment
management mandate.
Therefore, management has concluded that despite it from formal perspective exercises power over the funds by
controlling the general partner of the fund, its actual operational ability is limited in the investment management mandate
in a manner that the general partner is considers to act as an agent. Furthermore, CapMan\u2019s exposure to variable returns
from the fund and its power to affect the level of returns is very low for the reasons described above. Therefore, CapMan
has determined that it does not have control over the funds under its management.
Subsidiaries
Subsidiaries are consolidated using the acquisition method. All intercompany transactions are eliminated in the
Consolidated Financial Statements. Profit or loss, together with all other comprehensive income-related items, are booked
to the owners of the parent company or owners not holding a controlling interest in the companies concerned. Non-
controlling interests are presented in the Consolidated Balance Sheet under equity separately from equity attributable to
the owners of the parent company.
Subsidiaries and businesses acquired during the year are consolidated from the date on which the Group acquires a
controlling interest, and in the case of companies and businesses divested by the Group during the financial year up to
the date on which CapMan\u2019s controlling interest expires.
Associates
An associated company is an entity in which the Group has significant influence but does not hold a controlling interest.
This is generally defined as existing when the Group holds, either directly or indirectly, more than 20% of a company\u2019s
voting rights.
Associated companies have been consolidated in accordance with the equity method. Under this, the investment in an
associated company is carried in the balance sheet at cost plus post-acquisition changes in the Group\u2019s share of the
company\u2019s net assets, less any impairment value. If the Group\u2019s share of the loss incurred by an associated company
exceeds the book value of its investment, the investment is booked at zero in the balance sheet, and losses exceeding
book value are not combined unless the Group is committed to meeting the obligations of the company concerned. The
Group\u2019s share of the profit recorded by an associated company during the financial year in accordance with its holding in
the company is presented as a separate item in the income statement after operating profit.
Segment reporting
Segment reporting has been discontinued as of January 1, 2025. Due to divestments of the service businesses in
2023-24, CapMan no longer has service businesses. Also, the income impact from CapMan's balance sheet investments
materially equals fair value changes that are reported separately in the Group Income Statement. As a result of the
aforementioned structural changes in the business, the overall reporting framework and accounting policies have been
reassessed, and as of January 1, 2025, CapMan Plc's Board of Directors, which is responsible for resource allocations
and taking strategic decisions, is determined as the chief operating decision maker under IFRS 8. As Board of Directors
evaluates CapMan's financial performance as a whole based on the Group Income Statement, CapMan has decided to
discontinue segment reporting.
Translation differences
The result and financial position of each of the Group\u2019s business units are measured in the currency of the primary
economic environment for that unit (\u2019functional currency\u2019). The Consolidated Financial Statements are presented in euros,
which is the functional and presentation currency of the Group\u2019s parent company.
Transactions in foreign currencies have been recorded in the parent company\u2019s functional currency at the rates of
exchange prevailing on the date of the transactions; in practice a reasonable approximation of the actual rate of exchange
on the date of the transaction is often used. Foreign exchange differences for operating business items are recorded in the
appropriate income statement account before operating profit and, for financial items, are recorded in financial income
and expenses. The Group\u2019s foreign currency items have not been hedged.
In the consolidated financial statements, the income statements of subsidiaries that use a functional currency other than
the euro are translated into euros using the average rates for the accounting period. Their balance sheets are translated
using the closing rate on the balance sheet date. All resulting exchange differences are recognised in other comprehensive
income.
Translation differences caused by changes in exchange rates for the cumulative shareholders\u2019 equity of foreign
subsidiaries have been recognised in other comprehensive income.
Tangible assets
Tangible assets have been reported in the balance sheet at their acquisition value less depreciation according to plan.
Assets are depreciated on a straight-line basis over their estimated useful lives.
The estimated useful lives are as follows:
Machinery and equipment4\u20135 years
Other long-term expenditure4\u20135 years
The residual values and useful lives of assets are reviewed on every balance sheet date and adjusted to reflect changes in
the expected economic benefits where necessary.
Tangible assets include right-of-use assets measured in accordance with IFRS 16, which are disclosed in the notes. More
information on these items is included in chapter Leases of Accounting Policies.
Intangible assets
Goodwill
Goodwill acquired in a business merger is booked as the sum paid for a holding, the holding held by owners with a non-
controlling interest, and the holding previously owned that, when combined, exceeds the fair value of the net assets of
the acquisition. Write-offs are not made against goodwill, and possible impairment of goodwill is tested annually.
Goodwill is measured as the original acquisition cost less accumulated impairment. The goodwill acquired during a
merger is booked against the units or groups of units responsible for generating the cash flow used for testing impairment.
Every unit or group of units for which goodwill is booked represents the lowest level of the organisation at which goodwill
is monitored internally for management purposes.
Other intangible assets
Intangible assets acquired separately are measured on initial recognition at cost. Intangible assets are recognised in the
balance sheet only if the cost of the asset can be measured reliably and if it is probable that the future economic benefits
attributable to the asset will flow to the Group.
Agreements and trademarks acquired in business mergers are booked at fair value at the time of acquisition. As they
have a limited life, they are booked in the balance sheet at acquisition cost minus accumulated write-offs. IT systems are
expensed on the basis of the costs associated with acquiring and installing the software concerned. Depreciation is
spread across the financial life of the relevant software licences. Impairment is tested whenever there is an indication that
the book value of intangible assets may exceed the recoverable amount of these assets.
The estimated useful lives are:
Agreements and trademarks5\u201310 years
Other intangible assets3\u20135 years
Impairment of assets
The Group reviews all assets for indications that their value may be impaired on each balance sheet date. If such
indication is found to exist, the recoverable amount of the asset in question is estimated. The recoverable amount for
goodwill is measured annually independent of indications of impairment.
The need for impairment is assessed on the level of cash-generating units, in other words at the smallest identifiable
group of assets that is largely independent of other units and cash inflows from other assets. The recoverable amount is
the fair value of an asset, less costs to sell or value in use. Value in use refers to the expected future net cash flow
projections, which are discounted to the present value, received from the asset in question or the cash-generating unit.
The discount rate used in measuring value in use is the rate that reflects current market assessments of the time value of
money and the risks specific to the asset. Impairment is recorded in the income statement as an expense. The
recoverable amount for financial assets is either the fair value or the present value of expected future cash flows
discounted by the initial effective interest rate.
An impairment loss is recognised whenever the recoverable amount of an asset is below the carrying amount, and it is
recognised in the income statement immediately. An impairment loss of a cash-generating unit is first allocated to reduce
the carrying amount of any goodwill allocated to the cash-generating unit and then to reduce the carrying amounts of the
other assets of the unit pro rata. An impairment loss is reversed if there is an indication that an impairment loss may
have decreased and the carrying amount of the asset has changed from the recognition date of the impairment loss.
The increased carrying amount due to reversal cannot exceed what the depreciated historical cost would have been if the
impairment had not been recognised. Reversal of an impairment loss for goodwill is prohibited. The carrying amount of
goodwill is reviewed for impairment annually or more frequently if there is an indication that goodwill may be impaired,
due to events and circumstances that may increase the probability of impairment.
Financial assets
The Group\u2019s financial assets have been classified into the following categories:
1) financial assets at fair value through profit or loss
2) financial assets at amortised cost
Investments in equity instruments are always measured at fair value through profit or loss. Classification of debt
instruments, such as trade and loan receivables, is based on the business model for managing and for the contractual
cash flow characteristics of these financial assets. Debt instruments supporting fund management activities, such as
loans granted to investment teams for co-investment purposes, are classified as financial assets at amortised cost,
because they are held solely in order to collect contractual cash flows, which are solely payments of principal and
interest. Liquid current debt instruments, such as investments to interest funds, made primarily for cash management
purposes, are recognised at fair value through profit or loss. Non-current debt investments made from the own balance
sheet are held for both selling purposes and collecting contractual cash flows (principal and interest), and the Group
designates these assets as measured at fair value through profit or loss, in order to reduce inconsistency with regards to
recognizing gains and losses of financial assets made as investments from the own balance sheet, because the Group as
an investment entity manages and monitors the performance of these investments based on fair values according to
group\u2019s investment strategy.
Transaction costs are reported in the initial cost of financial assets, excluding items valued at fair value through profit or
loss. All purchases and sales of financial instruments are recognised on the trade date. An asset is eligible for
derecognition and removed from the balance sheet when the Group has transferred the contractual rights to receive the
cash flows or when it has substantially transferred all of the risks and rewards of ownership of the asset outside the
Group. Financial assets are classified as current if they have been acquired for trading purposes or fall due within 12
months.
Financial assets at fair value through profit or loss
Fair value through profit or loss class comprises of financial assets that are equity instruments or acquired for cash
management or hedging purposes, in which case they can be either equity or debt instruments or derivative instruments.
Debt instruments are also classified to this class, if they are held for both selling purposes and collecting contractual cash
flows and which CapMan as an investment entity designates as financial assets at fair value through profit or loss at
initial recognition in order to reduce inconsistency with regards to recognizing gains and losses of financial assets within
its activity as an investment entity.
Fund investments and other investments in non-current assets are classified as financial assets at fair value through profit
or loss and their fair value change is presented on the line item \u201dFair value changes of investments\u201d in the statement of
comprehensive income. Fair value information of the non-current fund investments is provided quarterly to Company\u2019s
management and to other investors in the investment funds management by CapMan. The valuation of CapMan\u2019s funds\u2019
investment is based on International Private Equity and Venture Capital Valuation Guidelines (IPEVG) and IFRS 13.
Investments in listed shares, funds and interest-bearing securities as well as those derivative instruments that do not
meet the hedge accounting criteria or for which hedge accounting is not applied in current assets are measured at fair
value through profit or loss. Listed shares and derivative contracts in current assets are measured at fair value by the last
trade price on active markets on the balance sheet date. The fair value of current investments in funds is determined as
the funds\u2019 net asset value at the balance sheet date. The fair value of current investments in interest-bearing securities is
based on the last trade price on the balance sheet date or, in an illiquid market, on values determined by the
counterparty.
The change in fair value of current financial assets measured at fair value through profit or loss as well as dividend and
interest income from short-term investments in listed shares and interest-bearing securities are presented on the line item
\u201dFair value changes of investments\u201d in the statement of comprehensive income, except for derivative instruments, which
are used for a fair value hedge purpose. In these cases, the effectively hedging component of the derivative instrument\u2019s
fair value change is recognised in the same line item as the hedged item\u2019s change in the statement of comprehensive
income, and the remainder of the derivative\u2019s fair value change is recognised as a financing cost. CapMan uses derivative
instruments, such as foreign currency forward contracts, to hedge against currency changes of foreign currency
denominated trade receivables, but does not apply hedge accounting to these derivatives. In these cases, the change of
fair value of the derivative instrument that offsets an equal change of the foreign currency denominated trade receivable,
being the hedged item, is recognised on the same line item as the change of the hedge item, i.e. in turnover.
Financial assets at amortised cost
Financial assets at amortised cost mainly include non-interest-bearing trade receivables and interest-bearing loan
receivables associated with other than investment business. These financial assets are held solely in order to collect
contractual cash flows, and whose payments are fixed or determinable and which are not quoted in an active market.
They are included in current assets, except for maturities greater than 12 months after the end of the reporting period,
which are classified as non-current assets.
Expected credit loss of the trade receivables is evaluated by using the simplified approach allowed by IFRS 9, under
which a provision matrix is maintained, based on the historical credit losses and forward-looking information regarding
general economic indicators. In addition, materially overdue receivables are evaluated on a client basis.
Expected credit losses of loan receivables is evaluated based on the general approach under IFRS 9. The group evaluates
the credit risk of the borrowers by estimating the delay of the repayments and borrower\u2019s future economic development.
Depending on the estimated credit risk the group measures the loss allowance at an amount equal to 12-month expected
credit losses or lifetime expected credit losses. Inputs used for the measurement of expected credit losses include, among
others, available statistics on default risk based on credit risk rating grades and the historical credit losses the group has
incurred.
Credit risk of a loan receivable is assumed low on initial recognition in case the contractual payments of principal and
interest are dependent on the cash proceeds the borrower receives from the underlying investments. In these cases, the
borrower is considered to have a strong capacity to meet its contractual cash flow obligations in the near term. It is
considered that there has been a significant increase in the credit risk, if the contractual payments have become more
than 30 days past due, and a default event has occurred, if the payment is more than 90 days past due, unless resulting
from an administrative oversight.
Cash and cash equivalents
Cash and short-term deposits in the balance sheet comprise cash in banks and in hand, as well as liquid short-term
deposits such as investments to money market funds. Cash assets have a maximum maturity of three months.
Non-current assets held for sale and discontinued operations
Non-current assets, or disposal groups comprising assets and liabilities, are classified as held-for-sale, if it is highly
probable that they will be recovered primarily through sale rather than through continued use. The recognition criteria are
regarded to be met when a sale is highly probable, the asset (or a disposal group) is available for immediate sale in its
present condition subject only to terms that are usual and customary, the management is committed to the plan to sell
the asset and the sale is expected to take place within one year from the date of classification.
As from the classification date, a non-current asset (or a disposal group) held for sale is measured at the lower of its
carrying amount and fair value less costs of disposal. Once classified as held for sale, intangible and tangible assets are
no longer amortised nor depreciated.
An operation is classified as discontinued, if it has been disposed of or is classified as held for sale, and represents a
separate major line of business, which can be clearly distinguished and has been a cash-generating unit or a group of
cash-generating units while being held for use. Discontinued operations are disclosed separately in the income statement
and figures for comparison periods are restated accordingly.
Dividend payment and repayment of capital
Payment of dividends and repayment of capital is decided in the Annual General Meeting. The dividend payment and
repayment of capital proposed to the Annual General Meeting by the Board of Directors is not subtracted from
distributable funds until approved by the Annual General Meeting.
Financial liabilities
Financial liabilities largely consist of loans from financial institutions, leasing liabilities and derivate liabilities. Financial
liabilities are initially recognised at fair value. Transaction costs are reported in the initial book value of the financial
liability. Financial liabilities, except for derivative liabilities, are subsequently carried at amortized cost using the effective
interest method. Derivative liabilities are measured at fair value through profit or loss. Financial liabilities are reported in
non-current and current liabilities.
Leases
Group\u2019s lease agreements are mainly related to facilities, company cars and IT equipment. Group applies the exemptions
allowed by the standard on lease contracts for which the lease term ends within 12 months as of the initial application,
and lease contracts for which the underlying asset is of low value. Exemptions are applicable to some of the leased
premises, such as office hotels, and to all laptops, printers and copying machines, among others. These lease payments
are recognised as an expense in the income statement on a straight-line basis.
Other lease agreements are recognised as right-of-use assets and lease liabilities in the balance sheet. These agreements
include long-term lease agreements of facilities and company cars. Right-of-use assets are included in tangible assets and
the related lease liabilities are included in non-current and current interest-bearing financial liabilities.
CapMan Group does not act as a lessor.
Provisions
Provisions are recognised in the balance sheet when the Group has a current obligation (legal or constructive) as a result
of a past event, and it is probable that an outflow will be required to settle the obligation and a reliable estimate of the
outflow can be made.
The Group\u2019s provisions are evaluated on the closing date and are adjusted to match the best estimate of their size on the
day in question. Changes are booked in the same entry in the income statement as the original provision.
Employee benefits
Pension obligations
The defined contribution pension plan is a pension plan in accordance with the local regulations and practices of its
business domiciles. Payments made to these plans are charged to the income statement in the financial period to which
they relate. Pension cover has been arranged through insurance policies provided by external pension institutions.
Share-based payments
The fair value of the share-based long-term incentive plan is measured at the grant date based on the starting share price
of the plan, its assumed development during the vesting period, forfeiture rate and estimated dividends to be paid during
the vesting period. The fair value is expensed on a straight-line basis over the vesting period. The accumulated amount
expensed is adjusted, should the forfeiture rate change or should shares allocated to the plan be sold during the vesting
period.
The fair value of stock options is assessed on the date they are granted and are expensed in equal instalments in the
income statement over the vesting period of the rights concerned. An evaluation of how many options will generate an
entitlement to shares is made at the end of every reporting period. Fair value is determined using the Black-Scholes
pricing model. The terms of the stock option programs are presented in Note 30. Share-based payments.
Revenue recognition
Revenue from contracts with customers is recognised by first allocating the transaction price to performance obligations,
and when the performance obligation is satisfied by transferring the control of the underlying service to the customer, the
revenue related to this performance obligation is recognised. Performance obligation can be satisfied either at a point in
time or over time.
Management fees
As a fund manager, CapMan receives management fees during a fund\u2019s entire period of operations. Management fee is a
variable consideration and is typically based on the fund\u2019s original size during its investment period, which is usually five
years. Thereafter the fee is typically based on the acquisition cost of the fund\u2019s remaining portfolio. Annual management
fees are usually 0.5\u20132.0% of a fund\u2019s total commitments, depending whether the fund is a real estate fund, a mezzanine
fund, or an equity fund. In the case of real estate funds, management fees are also paid on committed debt capital. The
average management fee percentage paid by CapMan-managed funds is approx. 1%.
Management fees paid by the funds are recognised as income over time, because the fund management service is the
only performance obligation in the contract and it is satisfied over time.
Sale of services
CapMan also offers wealth management services to institutional clients, foundations, family offices and wealthy private
clients. Fees from these services are recognised over time, when the service is provided and the control is transferred to
the customer, except for success and transaction fees, which are recognised as income at a point in time, because the
underlying performance obligation is satisfied and the control of the related service is transferred to the customer at a
point in time.
Fee from other services, such as asset and property management services relating to real estate properties, are primarily
recognised over time.
Some of the earlier contracts with customers related to the fundraising services includes a significant financing
component. When determining the transaction price in these cases, the promised amount of consideration is adjusted for
the effects of the time value of money and customer\u2019s credit characteristics.
Carried interest income
Carried interest refers to the distribution of the profits of a successful private equity fund among fund investors and the
fund manager responsible for the fund\u2019s investment activities. In practice, carried interest means a share of a fund\u2019s cash
flow received by the fund manager after the fund has transferred to carry.
The recipients of carried interest in the private equity industry are typically the investment professionals responsible for a
fund\u2019s investment activities. In CapMan\u2019s case, carried interest is split between CapMan Plc and funds\u2019 investment
teams.
CapMan applies a principle where funds transfer to carry and carried interest income are based on realised cash flows,
not on a calculated and as yet unrealised return. As the level of carried interest income varies, depending on the timing of
exits and the stage at which funds are in their life cycle, predicting future levels of carried interest is difficult.
To transfer to carry, a fund must return its paid-in capital to investors and pay a preferential annual return on this. The
preferential annual return is known as a hurdle rate, which is typically set between 7\u201310% IRR p.a. When a fund has
transferred to carry, the remainder of its cash flows is distributed between investors and the fund manager. Investors
typically receive 80% of the cash flows and the fund manager 20%. When a fund is generating carried interest, the fund
manager receives carried interest income from all of the fund\u2019s cash flows, even if an exit is made at below the original
acquisition cost.
Revenue from carried interest is recognised when a fund has transferred to carry and to the extent carried interest is
based on realised cash flows and management has estimated it being highly probable that there is no risk of repayment
of carried interest back to the fund. Carried interest is recognised when CapMan is entitled to it by the reporting date, a
confirmation on the amount has been received and CapMan is relatively close to receiving it in cash.
Potential repayment risk of carried interest to the funds (clawback)
Potential repayment risk to the funds (clawback) is considered when assessing whether revenue recognition criteria have
been fulfilled. Clawback risk relates to a situation when, in conjunction with the liquidation of a fund, it is recognised that
the General Partner has received more carried interest than agreed in the fund agreement. These situations can occur, for
example, if there are recallable distributions or if representations and warranties have been given by the vendor in the
sale and purchase agreement when the fund is towards the end of its lifecycle.
Potential repayment risk to the funds (clawback) is estimated by the management at each reporting date. The
management judgment includes significant estimates relating to investment exit timing, exit probability and realisable fair
value. The clawback risk is measured by using the expected value method, i.e. by calculating a probability weighted
average of estimated alternative investment exit outcomes. The clawback is an adjustment to the related revenue
recognised and is included in the current accrued liabilities in the consolidated balance sheet.
Income taxes
Tax expenses in the consolidated income statement comprise taxes on taxable income and changes in deferred taxes for
the financial period. Taxes are booked in the income statement unless they relate to other areas of comprehensive income
or directly to items booked as equity. In these cases, taxes are booked to either other comprehensive income or directly to
equity. Taxes on taxable income for the financial period are calculated on the basis of the tax rate in force for the country
in question. Taxes are adjusted on the basis of deferred income tax assets and liabilities from previous financial periods, if
applicable. The Group\u2019s taxes have been recognised during the financial year using the average expected tax rate.
Deferred taxes are calculated on temporary differences between the carrying amount and the tax base. Deferred taxes
have only been recognised to the extent that it is probable that taxable profit will be available against which the
deductible temporary differences can be utilised. The largest temporary differences arise from the valuation of
investments at fair value. Deferred taxes are not recognised for non-tax deductible amortisation of goodwill. Deferred
taxes have been measured at the statutory tax rates enacted by the balance sheet date and that are expected to apply
when the related deferred tax is realised.
Items affecting comparability and alternative performance measures
CapMan uses alternative performance measures, such as adjusted operating profit (or 'comparable operating profit\u2019,
having the same meaning), to denote the financial performance of its business and to improve the comparability between
different periods. Alternative performance measures, as such are presented, are derived from performance measures as
reported in accordance with the IFRS by adding or deducting the items affecting comparability and they will be
nominated as adjusted. Such alternative performance measures are, for example, adjusted operating profit, adjusted
profit for the period, and adjusted earnings per share. In addition, CapMan discloses alternative performance measures
that have been derived from the beforementioned adjusted performance measures by further adding or deducting some
income statement items that have been adjusted to exclude possible items impacting comparability. This kind of
alternative performance measure is fee profit, which is adjusted operating profit or loss deducted with carried interest and
fair value changes of investments.
Items affecting comparability are, among others, material items related to mergers and acquisitions, such as amortisation
and impairment of intangible assets recognised in the purchase price allocation, or costs related to major development
projects, such as reorganisation costs. Items impacting comparability include also material gains or losses related to the
acquisition or disposals of business units, material gains or losses related to the acquisition or disposal of intangible
assets, material expenses related to decisions by authorities and material gains or losses related to reassessment of
potential repayment risk to the funds.
Items affecting comparability and alternative key figures are included in the Report by the Board of Directors.
Use of estimates
The preparation of the financial statements in conformity with IFRS standards requires Group management to make
estimates and assumptions in applying CapMan\u2019s accounting principles. These estimates and assumptions have an
impact on the reported amounts of assets and liabilities and disclosure of contingent liabilities in the balance sheet of the
financial statements and on the reported amounts of income and expenses during the reporting period. Estimates have a
substantial impact on the Group\u2019s operating result. Estimates and assumptions have been used in assessing the
impairment of goodwill, the fair value of fund investments, the impairment testing of intangible and tangible assets, in
determining useful economic lives and expected credit losses, and in reporting deferred taxes, among others.
Valuation of fund investments
The determination of the fair value of fund investments using the International Private Equity and Venture Capital
Valuation Guidelines (IPEVG) takes into account a range of factors, including the price at which an investment was
acquired, the nature of the investment, local market conditions, trading values on public exchanges for comparable
securities, current and projected operating performance, and financing transactions subsequent to the acquisition of the
investment. These valuation methodologies involve a significant degree of management judgment. Because there is
significant uncertainty in the valuation of, or in the stability of, the value of illiquid investments, the fair values of such
investments as reflected in a fund\u2019s net asset value do not necessarily reflect the prices that would actually be obtained
when such investments are realised.
Valuation of fund investments is described in more detail in the Note 32.
Valuation of other investments
The fair value of growth equity investments is determined quarterly by using valuation methods according to IPEVG and
IFRS 13. The valuations are based on forecasted cash flows or peer group multiples. In estimating fair value of an
investment, a method that is the most appropriate in light of the facts, nature and circumstances of the investment is
applied. External valuations are made at least once a year to verify the fair values of growth equity investments.
Goodwill impairment test
Goodwill impairment test is performed annually. The most significant assumptions related to the recoverable amount are
turnover growth, operating margin, discount rate and terminal growth rate. Turnover growth and operating margin
estimates are based on the current cost structure and turnover generated by the current customer base. Turnover is
expected to grow to the extent that can be reasonably supported by the current personnel and other resources. This
means such additional turnover and costs included in the business plan that are related to future expansion \u2013 and
expected to be mainly visible as new customers and increased headcount \u2013 have been removed from the cash flow
forecasts when preparing the goodwill impairment test.
Goodwill impairment test is described in more detail in the Note 15.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-234": { "value": "
Basis of preparation
The Group\u2019s financial statements have been prepared in accordance with International Financial Reporting Standards
(IFRS) in force at December 31, 2025 as adopted by the European Union. International Financial Reporting Standards,
referred to in the Finnish Accounting Act and in ordinances issued based on the provisions of this Act, are standards and
their interpretations adopted in accordance with the procedure laid down in regulation (EC) No 1606/2002 of the
European Parliament and of the Council. The notes to the consolidated financial statements have been prepared in
accordance with the Finnish accounting standards as and where they supplement IFRS requirements.
The preparation of financial statements in conformity with IFRS requires the Group\u2019s management to make estimates and
assumptions when applying CapMan\u2019s accounting principles, and these are presented in more detail under \u2019Use of
estimates\u2019.
The Consolidated Financial Statements have been prepared under the historical cost convention, except for financial
assets and liabilities valued at fair value through profit or loss. The information in the Consolidated Financial Statements
is presented in thousands of euros. Figures in the accounts have been rounded and consequently the sum of individual
figures can deviate from the presented sum figure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-235": { "value": "
The Group\u2019s financial statements have been prepared in accordance with International Financial Reporting Standards
(IFRS) in force at December 31, 2025 as adopted by the European Union. International Financial Reporting Standards,
referred to in the Finnish Accounting Act and in ordinances issued based on the provisions of this Act, are standards and
their interpretations adopted in accordance with the procedure laid down in regulation (EC) No 1606/2002 of the
European Parliament and of the Council. The notes to the consolidated financial statements have been prepared in
accordance with the Finnish accounting standards as and where they supplement IFRS requirements.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-236": { "value": "
New and amended standards and interpretations applied in financial year ended
The Group has applied amended standards and interpretations that have come into effect as of January 1, 2025. These
amendments had no material impact on the consolidated financial statements.
Adoption of new and amended standards and
interpretations applicable in future financial years
The Group has not yet adopted the new and amended standards and interpretations already issued by the IASB, such as
IFRS 18 Presentation and Disclosure in Financial Statements. The Group will adopt them as of the effective date or, if the
date is other than the first day of the financial year, from the beginning of the subsequent financial year.
The Group expects IFRS 18, effective as of January 1, 2027, to have an impact on the structure and subtotals of the
consolidated income statement and disclosures given with regards to management-defined performance measures. As
investments in funds may be considered a specified main business activity under IFRS 18, fair value changes of
investments are anticipated to remain in the operating category as currently presented. However, consequential
amendments to IAS 7 Statement of Cash Flows will have an impact on how cash flow items are grouped, and the Group
expects this to primarily result in presenting interest paid in financing activities (instead of operating activities), whereas
interest income from cash and cash equivalents would be presented in operating activities under amended IAS 7.
The Group does not expect other future amendments or new standards to have a material impact on the Group\u2019s financial
statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-237": { "value": "
Consolidation principles
As CapMan has determined it meets the definition of an investment entity, its subsidiaries are classified either as
operating subsidiaries, that are considered to be an extension of the Parent\u2019s operations, and as such, they are
consolidated or investment entity subsidiaries, that are fair valued through profit or loss. The types of subsidiaries and
their treatment in CapMan\u2019s consolidated accounts are as follows:
\u2022 Subsidiaries that provide fund management services (fund managers) or manage direct investments are considered to
be an extension of the Parent\u2019s business and as such, they are consolidated;
\u2022 Subsidiaries that provide fund management services (fund managers) and which also hold direct investments in the
funds are consolidated and the investments in the funds are fair valued through profit or loss;
\u2022 Subsidiaries that provide fund investment advisory services (advisors) are considered to be an extension of the Parent\u2019s
business and as such, they are consolidated;
\u2022 Investment entity subsidiaries (CapMan Fund Investments SICAV-SIF), through which CapMan makes its own fund
investments, are valued at fair value through profit or loss.
Significant judgment applied by management in the preparation
of the consolidated financial statements \u2013 investment entity basis
CapMan qualifies as an investment entity as defined by IFRS 10, because the corner stone of its business purpose is to
obtain capital from investors to its closed-end private equity funds and to provide investment management services to
those funds to gain both capital appreciation and investment income. Direct investments represent a relatively small part
compared to total assets under management. CapMan obtains funds from many external investors for investment
purposes. Documented exit strategies exist for each fund\u2019s portfolio investments. Each fund\u2019s portfolio investments and
the real estate investments are fair valued and such fair value information is provided both to the fund investors on
reporting date and also for CapMan\u2019s internal management reporting purposes. In addition, management has assessed
that the following characteristics further support investment entity categorization: CapMan holds several investments
itself in the funds, investments in the funds are held by several investors, the investors are not related parties and the
investments are held mostly in form of equity.
Significant judgment applied by management in the
preparation of the consolidated financial statements \u2013 control over funds
One of the most significant judgments management made in preparing the Company\u2019s consolidated financial statements
is the determination that Company does not have control over the funds under its management. Control is presumed to
exist when a parent has power over the investee, has exposure to variable returns from the fund and is able to use its
power to affect the level of returns.
CapMan manages the funds against management fee received from the investors on the basis of the investment
management mandate negotiated with the investors and it also makes direct investments in the funds under its
management. Accordingly, CapMan was required to determine, whether it is acting primarily as a principal or as an agent
in exercising its power over the funds.
In the investment management mandate the investors have set detailed instructions in all circumstances relating to the
management of the fund limiting the actual influence of the general partner at very low. In general, having a qualified
majority, investors have a right to replace the general partner and/or fund manager. The remuneration CapMan is entitled
to is commensurate with the services it provides and corresponds to remuneration customarily present in arrangements
for similar services on an arm\u2019s length basis. CapMan\u2019s direct investment (typically between of 1% to 5%) in the funds
and thus the share of the variability of the returns compared with the other investors is relatively small. As an investor in
the fund CapMan has no representation nor voting rights as it has been specifically excluded in the investment
management mandate.
Therefore, management has concluded that despite it from formal perspective exercises power over the funds by
controlling the general partner of the fund, its actual operational ability is limited in the investment management mandate
in a manner that the general partner is considers to act as an agent. Furthermore, CapMan\u2019s exposure to variable returns
from the fund and its power to affect the level of returns is very low for the reasons described above. Therefore, CapMan
has determined that it does not have control over the funds under its management.
Subsidiaries
Subsidiaries are consolidated using the acquisition method. All intercompany transactions are eliminated in the
Consolidated Financial Statements. Profit or loss, together with all other comprehensive income-related items, are booked
to the owners of the parent company or owners not holding a controlling interest in the companies concerned. Non-
controlling interests are presented in the Consolidated Balance Sheet under equity separately from equity attributable to
the owners of the parent company.
Subsidiaries and businesses acquired during the year are consolidated from the date on which the Group acquires a
controlling interest, and in the case of companies and businesses divested by the Group during the financial year up to
the date on which CapMan\u2019s controlling interest expires.
Associates
An associated company is an entity in which the Group has significant influence but does not hold a controlling interest.
This is generally defined as existing when the Group holds, either directly or indirectly, more than 20% of a company\u2019s
voting rights.
Associated companies have been consolidated in accordance with the equity method. Under this, the investment in an
associated company is carried in the balance sheet at cost plus post-acquisition changes in the Group\u2019s share of the
company\u2019s net assets, less any impairment value. If the Group\u2019s share of the loss incurred by an associated company
exceeds the book value of its investment, the investment is booked at zero in the balance sheet, and losses exceeding
book value are not combined unless the Group is committed to meeting the obligations of the company concerned. The
Group\u2019s share of the profit recorded by an associated company during the financial year in accordance with its holding in
the company is presented as a separate item in the income statement after operating profit.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-238": { "value": "
Significant judgment applied by management in the preparation
of the consolidated financial statements \u2013 investment entity basis
CapMan qualifies as an investment entity as defined by IFRS 10, because the corner stone of its business purpose is to
obtain capital from investors to its closed-end private equity funds and to provide investment management services to
those funds to gain both capital appreciation and investment income. Direct investments represent a relatively small part
compared to total assets under management. CapMan obtains funds from many external investors for investment
purposes. Documented exit strategies exist for each fund\u2019s portfolio investments. Each fund\u2019s portfolio investments and
the real estate investments are fair valued and such fair value information is provided both to the fund investors on
reporting date and also for CapMan\u2019s internal management reporting purposes. In addition, management has assessed
that the following characteristics further support investment entity categorization: CapMan holds several investments
itself in the funds, investments in the funds are held by several investors, the investors are not related parties and the
investments are held mostly in form of equity.
Significant judgment applied by management in the
preparation of the consolidated financial statements \u2013 control over funds
One of the most significant judgments management made in preparing the Company\u2019s consolidated financial statements
is the determination that Company does not have control over the funds under its management. Control is presumed to
exist when a parent has power over the investee, has exposure to variable returns from the fund and is able to use its
power to affect the level of returns.
CapMan manages the funds against management fee received from the investors on the basis of the investment
management mandate negotiated with the investors and it also makes direct investments in the funds under its
management. Accordingly, CapMan was required to determine, whether it is acting primarily as a principal or as an agent
in exercising its power over the funds.
In the investment management mandate the investors have set detailed instructions in all circumstances relating to the
management of the fund limiting the actual influence of the general partner at very low. In general, having a qualified
majority, investors have a right to replace the general partner and/or fund manager. The remuneration CapMan is entitled
to is commensurate with the services it provides and corresponds to remuneration customarily present in arrangements
for similar services on an arm\u2019s length basis. CapMan\u2019s direct investment (typically between of 1% to 5%) in the funds
and thus the share of the variability of the returns compared with the other investors is relatively small. As an investor in
the fund CapMan has no representation nor voting rights as it has been specifically excluded in the investment
management mandate.
Therefore, management has concluded that despite it from formal perspective exercises power over the funds by
controlling the general partner of the fund, its actual operational ability is limited in the investment management mandate
in a manner that the general partner is considers to act as an agent. Furthermore, CapMan\u2019s exposure to variable returns
from the fund and its power to affect the level of returns is very low for the reasons described above. Therefore, CapMan
has determined that it does not have control over the funds under its management.
Use of estimates
The preparation of the financial statements in conformity with IFRS standards requires Group management to make
estimates and assumptions in applying CapMan\u2019s accounting principles. These estimates and assumptions have an
impact on the reported amounts of assets and liabilities and disclosure of contingent liabilities in the balance sheet of the
financial statements and on the reported amounts of income and expenses during the reporting period. Estimates have a
substantial impact on the Group\u2019s operating result. Estimates and assumptions have been used in assessing the
impairment of goodwill, the fair value of fund investments, the impairment testing of intangible and tangible assets, in
determining useful economic lives and expected credit losses, and in reporting deferred taxes, among others.
Valuation of fund investments
The determination of the fair value of fund investments using the International Private Equity and Venture Capital
Valuation Guidelines (IPEVG) takes into account a range of factors, including the price at which an investment was
acquired, the nature of the investment, local market conditions, trading values on public exchanges for comparable
securities, current and projected operating performance, and financing transactions subsequent to the acquisition of the
investment. These valuation methodologies involve a significant degree of management judgment. Because there is
significant uncertainty in the valuation of, or in the stability of, the value of illiquid investments, the fair values of such
investments as reflected in a fund\u2019s net asset value do not necessarily reflect the prices that would actually be obtained
when such investments are realised.
Valuation of fund investments is described in more detail in the Note 32.
Valuation of other investments
The fair value of growth equity investments is determined quarterly by using valuation methods according to IPEVG and
IFRS 13. The valuations are based on forecasted cash flows or peer group multiples. In estimating fair value of an
investment, a method that is the most appropriate in light of the facts, nature and circumstances of the investment is
applied. External valuations are made at least once a year to verify the fair values of growth equity investments.
Goodwill impairment test
Goodwill impairment test is performed annually. The most significant assumptions related to the recoverable amount are
turnover growth, operating margin, discount rate and terminal growth rate. Turnover growth and operating margin
estimates are based on the current cost structure and turnover generated by the current customer base. Turnover is
expected to grow to the extent that can be reasonably supported by the current personnel and other resources. This
means such additional turnover and costs included in the business plan that are related to future expansion \u2013 and
expected to be mainly visible as new customers and increased headcount \u2013 have been removed from the cash flow
forecasts when preparing the goodwill impairment test.
Goodwill impairment test is described in more detail in the Note 15.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-239": { "value": "
Subsidiaries
Subsidiaries are consolidated using the acquisition method. All intercompany transactions are eliminated in the
Consolidated Financial Statements. Profit or loss, together with all other comprehensive income-related items, are booked
to the owners of the parent company or owners not holding a controlling interest in the companies concerned. Non-
controlling interests are presented in the Consolidated Balance Sheet under equity separately from equity attributable to
the owners of the parent company.
Subsidiaries and businesses acquired during the year are consolidated from the date on which the Group acquires a
controlling interest, and in the case of companies and businesses divested by the Group during the financial year up to
the date on which CapMan\u2019s controlling interest expires.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-240": { "value": "Non-
controlling interests are presented in the Consolidated Balance Sheet under equity separately from equity attributable to
the owners of the parent company.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-241": { "value": "
Associates
An associated company is an entity in which the Group has significant influence but does not hold a controlling interest.
This is generally defined as existing when the Group holds, either directly or indirectly, more than 20% of a company\u2019s
voting rights.
Associated companies have been consolidated in accordance with the equity method. Under this, the investment in an
associated company is carried in the balance sheet at cost plus post-acquisition changes in the Group\u2019s share of the
company\u2019s net assets, less any impairment value. If the Group\u2019s share of the loss incurred by an associated company
exceeds the book value of its investment, the investment is booked at zero in the balance sheet, and losses exceeding
book value are not combined unless the Group is committed to meeting the obligations of the company concerned. The
Group\u2019s share of the profit recorded by an associated company during the financial year in accordance with its holding in
the company is presented as a separate item in the income statement after operating profit.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-242": { "value": "
Segment reporting
Segment reporting has been discontinued as of January 1, 2025. Due to divestments of the service businesses in
2023-24, CapMan no longer has service businesses. Also, the income impact from CapMan's balance sheet investments
materially equals fair value changes that are reported separately in the Group Income Statement. As a result of the
aforementioned structural changes in the business, the overall reporting framework and accounting policies have been
reassessed, and as of January 1, 2025, CapMan Plc's Board of Directors, which is responsible for resource allocations
and taking strategic decisions, is determined as the chief operating decision maker under IFRS 8. As Board of Directors
evaluates CapMan's financial performance as a whole based on the Group Income Statement, CapMan has decided to
discontinue segment reporting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-244": { "value": "
Translation differences
The result and financial position of each of the Group\u2019s business units are measured in the currency of the primary
economic environment for that unit (\u2019functional currency\u2019). The Consolidated Financial Statements are presented in euros,
which is the functional and presentation currency of the Group\u2019s parent company.
Transactions in foreign currencies have been recorded in the parent company\u2019s functional currency at the rates of
exchange prevailing on the date of the transactions; in practice a reasonable approximation of the actual rate of exchange
on the date of the transaction is often used. Foreign exchange differences for operating business items are recorded in the
appropriate income statement account before operating profit and, for financial items, are recorded in financial income
and expenses. The Group\u2019s foreign currency items have not been hedged.
In the consolidated financial statements, the income statements of subsidiaries that use a functional currency other than
the euro are translated into euros using the average rates for the accounting period. Their balance sheets are translated
using the closing rate on the balance sheet date. All resulting exchange differences are recognised in other comprehensive
income.
Translation differences caused by changes in exchange rates for the cumulative shareholders\u2019 equity of foreign
subsidiaries have been recognised in other comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-243": { "value": "
Translation differences
The result and financial position of each of the Group\u2019s business units are measured in the currency of the primary
economic environment for that unit (\u2019functional currency\u2019). The Consolidated Financial Statements are presented in euros,
which is the functional and presentation currency of the Group\u2019s parent company.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-245": { "value": "
Tangible assets
Tangible assets have been reported in the balance sheet at their acquisition value less depreciation according to plan.
Assets are depreciated on a straight-line basis over their estimated useful lives.
The estimated useful lives are as follows:
Machinery and equipment4\u20135 years
Other long-term expenditure4\u20135 years
The residual values and useful lives of assets are reviewed on every balance sheet date and adjusted to reflect changes in
the expected economic benefits where necessary.
Tangible assets include right-of-use assets measured in accordance with IFRS 16, which are disclosed in the notes. More
information on these items is included in chapter Leases of Accounting Policies.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-246": { "value": "
Intangible assets
Goodwill
Goodwill acquired in a business merger is booked as the sum paid for a holding, the holding held by owners with a non-
controlling interest, and the holding previously owned that, when combined, exceeds the fair value of the net assets of
the acquisition. Write-offs are not made against goodwill, and possible impairment of goodwill is tested annually.
Goodwill is measured as the original acquisition cost less accumulated impairment. The goodwill acquired during a
merger is booked against the units or groups of units responsible for generating the cash flow used for testing impairment.
Every unit or group of units for which goodwill is booked represents the lowest level of the organisation at which goodwill
is monitored internally for management purposes.
Other intangible assets
Intangible assets acquired separately are measured on initial recognition at cost. Intangible assets are recognised in the
balance sheet only if the cost of the asset can be measured reliably and if it is probable that the future economic benefits
attributable to the asset will flow to the Group.
Agreements and trademarks acquired in business mergers are booked at fair value at the time of acquisition. As they
have a limited life, they are booked in the balance sheet at acquisition cost minus accumulated write-offs. IT systems are
expensed on the basis of the costs associated with acquiring and installing the software concerned. Depreciation is
spread across the financial life of the relevant software licences. Impairment is tested whenever there is an indication that
the book value of intangible assets may exceed the recoverable amount of these assets.
The estimated useful lives are:
Agreements and trademarks5\u201310 years
Other intangible assets3\u20135 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-247": { "value": "
Goodwill
Goodwill acquired in a business merger is booked as the sum paid for a holding, the holding held by owners with a non-
controlling interest, and the holding previously owned that, when combined, exceeds the fair value of the net assets of
the acquisition. Write-offs are not made against goodwill, and possible impairment of goodwill is tested annually.
Goodwill is measured as the original acquisition cost less accumulated impairment. The goodwill acquired during a
merger is booked against the units or groups of units responsible for generating the cash flow used for testing impairment.
Every unit or group of units for which goodwill is booked represents the lowest level of the organisation at which goodwill
is monitored internally for management purposes.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-248": { "value": "
Other intangible assets
Intangible assets acquired separately are measured on initial recognition at cost. Intangible assets are recognised in the
balance sheet only if the cost of the asset can be measured reliably and if it is probable that the future economic benefits
attributable to the asset will flow to the Group.
Agreements and trademarks acquired in business mergers are booked at fair value at the time of acquisition. As they
have a limited life, they are booked in the balance sheet at acquisition cost minus accumulated write-offs. IT systems are
expensed on the basis of the costs associated with acquiring and installing the software concerned. Depreciation is
spread across the financial life of the relevant software licences. Impairment is tested whenever there is an indication that
the book value of intangible assets may exceed the recoverable amount of these assets.
The estimated useful lives are:
Agreements and trademarks5\u201310 years
Other intangible assets3\u20135 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-249": { "value": "
Impairment of assets
The Group reviews all assets for indications that their value may be impaired on each balance sheet date. If such
indication is found to exist, the recoverable amount of the asset in question is estimated. The recoverable amount for
goodwill is measured annually independent of indications of impairment.
The need for impairment is assessed on the level of cash-generating units, in other words at the smallest identifiable
group of assets that is largely independent of other units and cash inflows from other assets. The recoverable amount is
the fair value of an asset, less costs to sell or value in use. Value in use refers to the expected future net cash flow
projections, which are discounted to the present value, received from the asset in question or the cash-generating unit.
The discount rate used in measuring value in use is the rate that reflects current market assessments of the time value of
money and the risks specific to the asset. Impairment is recorded in the income statement as an expense. The
recoverable amount for financial assets is either the fair value or the present value of expected future cash flows
discounted by the initial effective interest rate.
An impairment loss is recognised whenever the recoverable amount of an asset is below the carrying amount, and it is
recognised in the income statement immediately. An impairment loss of a cash-generating unit is first allocated to reduce
the carrying amount of any goodwill allocated to the cash-generating unit and then to reduce the carrying amounts of the
other assets of the unit pro rata. An impairment loss is reversed if there is an indication that an impairment loss may
have decreased and the carrying amount of the asset has changed from the recognition date of the impairment loss.
The increased carrying amount due to reversal cannot exceed what the depreciated historical cost would have been if the
impairment had not been recognised. Reversal of an impairment loss for goodwill is prohibited. The carrying amount of
goodwill is reviewed for impairment annually or more frequently if there is an indication that goodwill may be impaired,
due to events and circumstances that may increase the probability of impairment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-250": { "value": "
Impairment of assets
The Group reviews all assets for indications that their value may be impaired on each balance sheet date. If such
indication is found to exist, the recoverable amount of the asset in question is estimated. The recoverable amount for
goodwill is measured annually independent of indications of impairment.
The need for impairment is assessed on the level of cash-generating units, in other words at the smallest identifiable
group of assets that is largely independent of other units and cash inflows from other assets. The recoverable amount is
the fair value of an asset, less costs to sell or value in use. Value in use refers to the expected future net cash flow
projections, which are discounted to the present value, received from the asset in question or the cash-generating unit.
The discount rate used in measuring value in use is the rate that reflects current market assessments of the time value of
money and the risks specific to the asset. Impairment is recorded in the income statement as an expense.
An impairment loss is recognised whenever the recoverable amount of an asset is below the carrying amount, and it is
recognised in the income statement immediately. An impairment loss of a cash-generating unit is first allocated to reduce
the carrying amount of any goodwill allocated to the cash-generating unit and then to reduce the carrying amounts of the
other assets of the unit pro rata. An impairment loss is reversed if there is an indication that an impairment loss may
have decreased and the carrying amount of the asset has changed from the recognition date of the impairment loss.
The increased carrying amount due to reversal cannot exceed what the depreciated historical cost would have been if the
impairment had not been recognised. Reversal of an impairment loss for goodwill is prohibited. The carrying amount of
goodwill is reviewed for impairment annually or more frequently if there is an indication that goodwill may be impaired,
due to events and circumstances that may increase the probability of impairment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-252": { "value": "The
recoverable amount for financial assets is either the fair value or the present value of expected future cash flows
discounted by the initial effective interest rate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-251": { "value": "The
recoverable amount for financial assets is either the fair value or the present value of expected future cash flows
discounted by the initial effective interest rate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-253": { "value": "
Financial assets
The Group\u2019s financial assets have been classified into the following categories:
1) financial assets at fair value through profit or loss
2) financial assets at amortised cost
Investments in equity instruments are always measured at fair value through profit or loss. Classification of debt
instruments, such as trade and loan receivables, is based on the business model for managing and for the contractual
cash flow characteristics of these financial assets. Debt instruments supporting fund management activities, such as
loans granted to investment teams for co-investment purposes, are classified as financial assets at amortised cost,
because they are held solely in order to collect contractual cash flows, which are solely payments of principal and
interest. Liquid current debt instruments, such as investments to interest funds, made primarily for cash management
purposes, are recognised at fair value through profit or loss. Non-current debt investments made from the own balance
sheet are held for both selling purposes and collecting contractual cash flows (principal and interest), and the Group
designates these assets as measured at fair value through profit or loss, in order to reduce inconsistency with regards to
recognizing gains and losses of financial assets made as investments from the own balance sheet, because the Group as
an investment entity manages and monitors the performance of these investments based on fair values according to
group\u2019s investment strategy.
Transaction costs are reported in the initial cost of financial assets, excluding items valued at fair value through profit or
loss. All purchases and sales of financial instruments are recognised on the trade date. An asset is eligible for
derecognition and removed from the balance sheet when the Group has transferred the contractual rights to receive the
cash flows or when it has substantially transferred all of the risks and rewards of ownership of the asset outside the
Group. Financial assets are classified as current if they have been acquired for trading purposes or fall due within 12
months.
Financial assets at fair value through profit or loss
Fair value through profit or loss class comprises of financial assets that are equity instruments or acquired for cash
management or hedging purposes, in which case they can be either equity or debt instruments or derivative instruments.
Debt instruments are also classified to this class, if they are held for both selling purposes and collecting contractual cash
flows and which CapMan as an investment entity designates as financial assets at fair value through profit or loss at
initial recognition in order to reduce inconsistency with regards to recognizing gains and losses of financial assets within
its activity as an investment entity.
Fund investments and other investments in non-current assets are classified as financial assets at fair value through profit
or loss and their fair value change is presented on the line item \u201dFair value changes of investments\u201d in the statement of
comprehensive income. Fair value information of the non-current fund investments is provided quarterly to Company\u2019s
management and to other investors in the investment funds management by CapMan. The valuation of CapMan\u2019s funds\u2019
investment is based on International Private Equity and Venture Capital Valuation Guidelines (IPEVG) and IFRS 13.
Investments in listed shares, funds and interest-bearing securities as well as those derivative instruments that do not
meet the hedge accounting criteria or for which hedge accounting is not applied in current assets are measured at fair
value through profit or loss. Listed shares and derivative contracts in current assets are measured at fair value by the last
trade price on active markets on the balance sheet date. The fair value of current investments in funds is determined as
the funds\u2019 net asset value at the balance sheet date. The fair value of current investments in interest-bearing securities is
based on the last trade price on the balance sheet date or, in an illiquid market, on values determined by the
counterparty.
The change in fair value of current financial assets measured at fair value through profit or loss as well as dividend and
interest income from short-term investments in listed shares and interest-bearing securities are presented on the line item
\u201dFair value changes of investments\u201d in the statement of comprehensive income, except for derivative instruments, which
are used for a fair value hedge purpose. In these cases, the effectively hedging component of the derivative instrument\u2019s
fair value change is recognised in the same line item as the hedged item\u2019s change in the statement of comprehensive
income, and the remainder of the derivative\u2019s fair value change is recognised as a financing cost. CapMan uses derivative
instruments, such as foreign currency forward contracts, to hedge against currency changes of foreign currency
denominated trade receivables, but does not apply hedge accounting to these derivatives. In these cases, the change of
fair value of the derivative instrument that offsets an equal change of the foreign currency denominated trade receivable,
being the hedged item, is recognised on the same line item as the change of the hedge item, i.e. in turnover.
Financial assets at amortised cost
Financial assets at amortised cost mainly include non-interest-bearing trade receivables and interest-bearing loan
receivables associated with other than investment business. These financial assets are held solely in order to collect
contractual cash flows, and whose payments are fixed or determinable and which are not quoted in an active market.
They are included in current assets, except for maturities greater than 12 months after the end of the reporting period,
which are classified as non-current assets.
Expected credit loss of the trade receivables is evaluated by using the simplified approach allowed by IFRS 9, under
which a provision matrix is maintained, based on the historical credit losses and forward-looking information regarding
general economic indicators. In addition, materially overdue receivables are evaluated on a client basis.
Expected credit losses of loan receivables is evaluated based on the general approach under IFRS 9. The group evaluates
the credit risk of the borrowers by estimating the delay of the repayments and borrower\u2019s future economic development.
Depending on the estimated credit risk the group measures the loss allowance at an amount equal to 12-month expected
credit losses or lifetime expected credit losses. Inputs used for the measurement of expected credit losses include, among
others, available statistics on default risk based on credit risk rating grades and the historical credit losses the group has
incurred.
Credit risk of a loan receivable is assumed low on initial recognition in case the contractual payments of principal and
interest are dependent on the cash proceeds the borrower receives from the underlying investments. In these cases, the
borrower is considered to have a strong capacity to meet its contractual cash flow obligations in the near term. It is
considered that there has been a significant increase in the credit risk, if the contractual payments have become more
than 30 days past due, and a default event has occurred, if the payment is more than 90 days past due, unless resulting
from an administrative oversight.
Cash and cash equivalents
Cash and short-term deposits in the balance sheet comprise cash in banks and in hand, as well as liquid short-term
deposits such as investments to money market funds. Cash assets have a maximum maturity of three months.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-254": { "value": "An asset is eligible for
derecognition and removed from the balance sheet when the Group has transferred the contractual rights to receive the
cash flows or when it has substantially transferred all of the risks and rewards of ownership of the asset outside the
Group.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-255": { "value": "
Financial assets at fair value through profit or loss
Fair value through profit or loss class comprises of financial assets that are equity instruments or acquired for cash
management or hedging purposes, in which case they can be either equity or debt instruments or derivative instruments.
Debt instruments are also classified to this class, if they are held for both selling purposes and collecting contractual cash
flows and which CapMan as an investment entity designates as financial assets at fair value through profit or loss at
initial recognition in order to reduce inconsistency with regards to recognizing gains and losses of financial assets within
its activity as an investment entity.
Fund investments and other investments in non-current assets are classified as financial assets at fair value through profit
or loss and their fair value change is presented on the line item \u201dFair value changes of investments\u201d in the statement of
comprehensive income. Fair value information of the non-current fund investments is provided quarterly to Company\u2019s
management and to other investors in the investment funds management by CapMan. The valuation of CapMan\u2019s funds\u2019
investment is based on International Private Equity and Venture Capital Valuation Guidelines (IPEVG) and IFRS 13.
Investments in listed shares, funds and interest-bearing securities as well as those derivative instruments that do not
meet the hedge accounting criteria or for which hedge accounting is not applied in current assets are measured at fair
value through profit or loss. Listed shares and derivative contracts in current assets are measured at fair value by the last
trade price on active markets on the balance sheet date. The fair value of current investments in funds is determined as
the funds\u2019 net asset value at the balance sheet date. The fair value of current investments in interest-bearing securities is
based on the last trade price on the balance sheet date or, in an illiquid market, on values determined by the
counterparty.
The change in fair value of current financial assets measured at fair value through profit or loss as well as dividend and
interest income from short-term investments in listed shares and interest-bearing securities are presented on the line item
\u201dFair value changes of investments\u201d in the statement of comprehensive income, except for derivative instruments, which
are used for a fair value hedge purpose. In these cases, the effectively hedging component of the derivative instrument\u2019s
fair value change is recognised in the same line item as the hedged item\u2019s change in the statement of comprehensive
income, and the remainder of the derivative\u2019s fair value change is recognised as a financing cost. CapMan uses derivative
instruments, such as foreign currency forward contracts, to hedge against currency changes of foreign currency
denominated trade receivables, but does not apply hedge accounting to these derivatives. In these cases, the change of
fair value of the derivative instrument that offsets an equal change of the foreign currency denominated trade receivable,
being the hedged item, is recognised on the same line item as the change of the hedge item, i.e. in turnover.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-256": { "value": "
Fair value through profit or loss class comprises of financial assets that are equity instruments or acquired for cash
management or hedging purposes, in which case they can be either equity or debt instruments or derivative instruments.
Investments in listed shares, funds and interest-bearing securities as well as those derivative instruments that do not
meet the hedge accounting criteria or for which hedge accounting is not applied in current assets are measured at fair
value through profit or loss. Listed shares and derivative contracts in current assets are measured at fair value by the last
trade price on active markets on the balance sheet date. The fair value of current investments in funds is determined as
the funds\u2019 net asset value at the balance sheet date.
The change in fair value of current financial assets measured at fair value through profit or loss as well as dividend and
interest income from short-term investments in listed shares and interest-bearing securities are presented on the line item
\u201dFair value changes of investments\u201d in the statement of comprehensive income, except for derivative instruments, which
are used for a fair value hedge purpose. In these cases, the effectively hedging component of the derivative instrument\u2019s
fair value change is recognised in the same line item as the hedged item\u2019s change in the statement of comprehensive
income, and the remainder of the derivative\u2019s fair value change is recognised as a financing cost. CapMan uses derivative
instruments, such as foreign currency forward contracts, to hedge against currency changes of foreign currency
denominated trade receivables, but does not apply hedge accounting to these derivatives. In these cases, the change of
fair value of the derivative instrument that offsets an equal change of the foreign currency denominated trade receivable,
being the hedged item, is recognised on the same line item as the change of the hedge item, i.e. in turnover.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-257": { "value": "Fair value information of the non-current fund investments is provided quarterly to Company\u2019s
management and to other investors in the investment funds management by CapMan. The valuation of CapMan\u2019s funds\u2019
investment is based on International Private Equity and Venture Capital Valuation Guidelines (IPEVG) and IFRS 13.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-258": { "value": "
The change in fair value of current financial assets measured at fair value through profit or loss as well as dividend and
interest income from short-term investments in listed shares and interest-bearing securities are presented on the line item
\u201dFair value changes of investments\u201d in the statement of comprehensive income, except for derivative instruments, which
are used for a fair value hedge purpose. In these cases, the effectively hedging component of the derivative instrument\u2019s
fair value change is recognised in the same line item as the hedged item\u2019s change in the statement of comprehensive
income, and the remainder of the derivative\u2019s fair value change is recognised as a financing cost. CapMan uses derivative
instruments, such as foreign currency forward contracts, to hedge against currency changes of foreign currency
denominated trade receivables, but does not apply hedge accounting to these derivatives. In these cases, the change of
fair value of the derivative instrument that offsets an equal change of the foreign currency denominated trade receivable,
being the hedged item, is recognised on the same line item as the change of the hedge item, i.e. in turnover.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-259": { "value": "
Financial assets at amortised cost
Financial assets at amortised cost mainly include non-interest-bearing trade receivables and interest-bearing loan
receivables associated with other than investment business. These financial assets are held solely in order to collect
contractual cash flows, and whose payments are fixed or determinable and which are not quoted in an active market.
They are included in current assets, except for maturities greater than 12 months after the end of the reporting period,
which are classified as non-current assets.
Expected credit loss of the trade receivables is evaluated by using the simplified approach allowed by IFRS 9, under
which a provision matrix is maintained, based on the historical credit losses and forward-looking information regarding
general economic indicators. In addition, materially overdue receivables are evaluated on a client basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-260": { "value": "
Cash and cash equivalents
Cash and short-term deposits in the balance sheet comprise cash in banks and in hand, as well as liquid short-term
deposits such as investments to money market funds. Cash assets have a maximum maturity of three months.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-263": { "value": "
Non-current assets held for sale and discontinued operations
Non-current assets, or disposal groups comprising assets and liabilities, are classified as held-for-sale, if it is highly
probable that they will be recovered primarily through sale rather than through continued use. The recognition criteria are
regarded to be met when a sale is highly probable, the asset (or a disposal group) is available for immediate sale in its
present condition subject only to terms that are usual and customary, the management is committed to the plan to sell
the asset and the sale is expected to take place within one year from the date of classification.
As from the classification date, a non-current asset (or a disposal group) held for sale is measured at the lower of its
carrying amount and fair value less costs of disposal. Once classified as held for sale, intangible and tangible assets are
no longer amortised nor depreciated.
An operation is classified as discontinued, if it has been disposed of or is classified as held for sale, and represents a
separate major line of business, which can be clearly distinguished and has been a cash-generating unit or a group of
cash-generating units while being held for use. Discontinued operations are disclosed separately in the income statement
and figures for comparison periods are restated accordingly.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-262": { "value": "
Non-current assets held for sale and discontinued operations
Non-current assets, or disposal groups comprising assets and liabilities, are classified as held-for-sale, if it is highly
probable that they will be recovered primarily through sale rather than through continued use. The recognition criteria are
regarded to be met when a sale is highly probable, the asset (or a disposal group) is available for immediate sale in its
present condition subject only to terms that are usual and customary, the management is committed to the plan to sell
the asset and the sale is expected to take place within one year from the date of classification.
As from the classification date, a non-current asset (or a disposal group) held for sale is measured at the lower of its
carrying amount and fair value less costs of disposal. Once classified as held for sale, intangible and tangible assets are
no longer amortised nor depreciated.
An operation is classified as discontinued, if it has been disposed of or is classified as held for sale, and represents a
separate major line of business, which can be clearly distinguished and has been a cash-generating unit or a group of
cash-generating units while being held for use. Discontinued operations are disclosed separately in the income statement
and figures for comparison periods are restated accordingly.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-261": { "value": "
Non-current assets held for sale and discontinued operations
Non-current assets, or disposal groups comprising assets and liabilities, are classified as held-for-sale, if it is highly
probable that they will be recovered primarily through sale rather than through continued use. The recognition criteria are
regarded to be met when a sale is highly probable, the asset (or a disposal group) is available for immediate sale in its
present condition subject only to terms that are usual and customary, the management is committed to the plan to sell
the asset and the sale is expected to take place within one year from the date of classification.
As from the classification date, a non-current asset (or a disposal group) held for sale is measured at the lower of its
carrying amount and fair value less costs of disposal. Once classified as held for sale, intangible and tangible assets are
no longer amortised nor depreciated.
An operation is classified as discontinued, if it has been disposed of or is classified as held for sale, and represents a
separate major line of business, which can be clearly distinguished and has been a cash-generating unit or a group of
cash-generating units while being held for use. Discontinued operations are disclosed separately in the income statement
and figures for comparison periods are restated accordingly.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-264": { "value": "
Dividend payment and repayment of capital
Payment of dividends and repayment of capital is decided in the Annual General Meeting. The dividend payment and
repayment of capital proposed to the Annual General Meeting by the Board of Directors is not subtracted from
distributable funds until approved by the Annual General Meeting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-265": { "value": "
Financial liabilities
Financial liabilities largely consist of loans from financial institutions, leasing liabilities and derivate liabilities. Financial
liabilities are initially recognised at fair value. Transaction costs are reported in the initial book value of the financial
liability. Financial liabilities, except for derivative liabilities, are subsequently carried at amortized cost using the effective
interest method. Derivative liabilities are measured at fair value through profit or loss. Financial liabilities are reported in
non-current and current liabilities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-266": { "value": "
Leases
Group\u2019s lease agreements are mainly related to facilities, company cars and IT equipment. Group applies the exemptions
allowed by the standard on lease contracts for which the lease term ends within 12 months as of the initial application,
and lease contracts for which the underlying asset is of low value. Exemptions are applicable to some of the leased
premises, such as office hotels, and to all laptops, printers and copying machines, among others. These lease payments
are recognised as an expense in the income statement on a straight-line basis.
Other lease agreements are recognised as right-of-use assets and lease liabilities in the balance sheet. These agreements
include long-term lease agreements of facilities and company cars. Right-of-use assets are included in tangible assets and
the related lease liabilities are included in non-current and current interest-bearing financial liabilities.
CapMan Group does not act as a lessor.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-267": { "value": "
Provisions
Provisions are recognised in the balance sheet when the Group has a current obligation (legal or constructive) as a result
of a past event, and it is probable that an outflow will be required to settle the obligation and a reliable estimate of the
outflow can be made.
The Group\u2019s provisions are evaluated on the closing date and are adjusted to match the best estimate of their size on the
day in question. Changes are booked in the same entry in the income statement as the original provision.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-268": { "value": "
Employee benefits
Pension obligations
The defined contribution pension plan is a pension plan in accordance with the local regulations and practices of its
business domiciles. Payments made to these plans are charged to the income statement in the financial period to which
they relate. Pension cover has been arranged through insurance policies provided by external pension institutions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-269": { "value": "
Share-based payments
The fair value of the share-based long-term incentive plan is measured at the grant date based on the starting share price
of the plan, its assumed development during the vesting period, forfeiture rate and estimated dividends to be paid during
the vesting period. The fair value is expensed on a straight-line basis over the vesting period. The accumulated amount
expensed is adjusted, should the forfeiture rate change or should shares allocated to the plan be sold during the vesting
period.
The fair value of stock options is assessed on the date they are granted and are expensed in equal instalments in the
income statement over the vesting period of the rights concerned. An evaluation of how many options will generate an
entitlement to shares is made at the end of every reporting period. Fair value is determined using the Black-Scholes
pricing model. The terms of the stock option programs are presented in Note 30. Share-based payments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-270": { "value": "
Revenue recognition
Revenue from contracts with customers is recognised by first allocating the transaction price to performance obligations,
and when the performance obligation is satisfied by transferring the control of the underlying service to the customer, the
revenue related to this performance obligation is recognised. Performance obligation can be satisfied either at a point in
time or over time.
Management fees
As a fund manager, CapMan receives management fees during a fund\u2019s entire period of operations. Management fee is a
variable consideration and is typically based on the fund\u2019s original size during its investment period, which is usually five
years. Thereafter the fee is typically based on the acquisition cost of the fund\u2019s remaining portfolio. Annual management
fees are usually 0.5\u20132.0% of a fund\u2019s total commitments, depending whether the fund is a real estate fund, a mezzanine
fund, or an equity fund. In the case of real estate funds, management fees are also paid on committed debt capital. The
average management fee percentage paid by CapMan-managed funds is approx. 1%.
Management fees paid by the funds are recognised as income over time, because the fund management service is the
only performance obligation in the contract and it is satisfied over time.
Sale of services
CapMan also offers wealth management services to institutional clients, foundations, family offices and wealthy private
clients. Fees from these services are recognised over time, when the service is provided and the control is transferred to
the customer, except for success and transaction fees, which are recognised as income at a point in time, because the
underlying performance obligation is satisfied and the control of the related service is transferred to the customer at a
point in time.
Fee from other services, such as asset and property management services relating to real estate properties, are primarily
recognised over time.
Some of the earlier contracts with customers related to the fundraising services includes a significant financing
component. When determining the transaction price in these cases, the promised amount of consideration is adjusted for
the effects of the time value of money and customer\u2019s credit characteristics.
Carried interest income
Carried interest refers to the distribution of the profits of a successful private equity fund among fund investors and the
fund manager responsible for the fund\u2019s investment activities. In practice, carried interest means a share of a fund\u2019s cash
flow received by the fund manager after the fund has transferred to carry.
The recipients of carried interest in the private equity industry are typically the investment professionals responsible for a
fund\u2019s investment activities. In CapMan\u2019s case, carried interest is split between CapMan Plc and funds\u2019 investment
teams.
CapMan applies a principle where funds transfer to carry and carried interest income are based on realised cash flows,
not on a calculated and as yet unrealised return. As the level of carried interest income varies, depending on the timing of
exits and the stage at which funds are in their life cycle, predicting future levels of carried interest is difficult.
To transfer to carry, a fund must return its paid-in capital to investors and pay a preferential annual return on this. The
preferential annual return is known as a hurdle rate, which is typically set between 7\u201310% IRR p.a. When a fund has
transferred to carry, the remainder of its cash flows is distributed between investors and the fund manager. Investors
typically receive 80% of the cash flows and the fund manager 20%. When a fund is generating carried interest, the fund
manager receives carried interest income from all of the fund\u2019s cash flows, even if an exit is made at below the original
acquisition cost.
Revenue from carried interest is recognised when a fund has transferred to carry and to the extent carried interest is
based on realised cash flows and management has estimated it being highly probable that there is no risk of repayment
of carried interest back to the fund. Carried interest is recognised when CapMan is entitled to it by the reporting date, a
confirmation on the amount has been received and CapMan is relatively close to receiving it in cash.
Potential repayment risk of carried interest to the funds (clawback)
Potential repayment risk to the funds (clawback) is considered when assessing whether revenue recognition criteria have
been fulfilled. Clawback risk relates to a situation when, in conjunction with the liquidation of a fund, it is recognised that
the General Partner has received more carried interest than agreed in the fund agreement. These situations can occur, for
example, if there are recallable distributions or if representations and warranties have been given by the vendor in the
sale and purchase agreement when the fund is towards the end of its lifecycle.
Potential repayment risk to the funds (clawback) is estimated by the management at each reporting date. The
management judgment includes significant estimates relating to investment exit timing, exit probability and realisable fair
value. The clawback risk is measured by using the expected value method, i.e. by calculating a probability weighted
average of estimated alternative investment exit outcomes. The clawback is an adjustment to the related revenue
recognised and is included in the current accrued liabilities in the consolidated balance sheet.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-271": { "value": "
Management fees
As a fund manager, CapMan receives management fees during a fund\u2019s entire period of operations. Management fee is a
variable consideration and is typically based on the fund\u2019s original size during its investment period, which is usually five
years. Thereafter the fee is typically based on the acquisition cost of the fund\u2019s remaining portfolio. Annual management
fees are usually 0.5\u20132.0% of a fund\u2019s total commitments, depending whether the fund is a real estate fund, a mezzanine
fund, or an equity fund. In the case of real estate funds, management fees are also paid on committed debt capital. The
average management fee percentage paid by CapMan-managed funds is approx. 1%.
Management fees paid by the funds are recognised as income over time, because the fund management service is the
only performance obligation in the contract and it is satisfied over time.
Sale of services
CapMan also offers wealth management services to institutional clients, foundations, family offices and wealthy private
clients. Fees from these services are recognised over time, when the service is provided and the control is transferred to
the customer, except for success and transaction fees, which are recognised as income at a point in time, because the
underlying performance obligation is satisfied and the control of the related service is transferred to the customer at a
point in time.
Fee from other services, such as asset and property management services relating to real estate properties, are primarily
recognised over time.
Some of the earlier contracts with customers related to the fundraising services includes a significant financing
component. When determining the transaction price in these cases, the promised amount of consideration is adjusted for
the effects of the time value of money and customer\u2019s credit characteristics.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-272": { "value": "
Income taxes
Tax expenses in the consolidated income statement comprise taxes on taxable income and changes in deferred taxes for
the financial period. Taxes are booked in the income statement unless they relate to other areas of comprehensive income
or directly to items booked as equity. In these cases, taxes are booked to either other comprehensive income or directly to
equity. Taxes on taxable income for the financial period are calculated on the basis of the tax rate in force for the country
in question. Taxes are adjusted on the basis of deferred income tax assets and liabilities from previous financial periods, if
applicable. The Group\u2019s taxes have been recognised during the financial year using the average expected tax rate.
Deferred taxes are calculated on temporary differences between the carrying amount and the tax base. Deferred taxes
have only been recognised to the extent that it is probable that taxable profit will be available against which the
deductible temporary differences can be utilised. The largest temporary differences arise from the valuation of
investments at fair value. Deferred taxes are not recognised for non-tax deductible amortisation of goodwill. Deferred
taxes have been measured at the statutory tax rates enacted by the balance sheet date and that are expected to apply
when the related deferred tax is realised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-273": { "value": "
Deferred taxes are calculated on temporary differences between the carrying amount and the tax base. Deferred taxes
have only been recognised to the extent that it is probable that taxable profit will be available against which the
deductible temporary differences can be utilised. The largest temporary differences arise from the valuation of
investments at fair value. Deferred taxes are not recognised for non-tax deductible amortisation of goodwill. Deferred
taxes have been measured at the statutory tax rates enacted by the balance sheet date and that are expected to apply
when the related deferred tax is realised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-274": { "value": "Valuation of fund investments The determination of the fair value of fund investments using the International Private Equity and Venture Capital Valuation Guidelines (IPEVG) takes into account a range of factors, including the price at which an investment was acquired, the nature of the investment, local market conditions, trading values on public exchanges for comparable securities, current and projected operating performance, and financing transactions subsequent to the acquisition of the investment. These valuation methodologies involve a significant degree of management judgment. Because there is significant uncertainty in the valuation of, or in the stability of, the value of illiquid investments, the fair values of such investments as reflected in a fund\u2019s net asset value do not necessarily reflect the prices that would actually be obtained when such investments are realised. Valuation of fund investments is described in more detail in the Note 32.Valuation of other investmentsThe fair value of growth equity investments is determined quarterly by using valuation methods according to IPEVG and IFRS 13. The valuations are based on forecasted cash flows or peer group multiples. In estimating fair value of an investment, a method that is the most appropriate in light of the facts, nature and circumstances of the investment is applied. External valuations are made at least once a year to verify the fair values of growth equity investments. Goodwill impairment testGoodwill impairment test is performed annually. The most significant assumptions related to the recoverable amount are turnover growth, operating margin, discount rate and terminal growth rate. Turnover growth and operating margin estimates are based on the current cost structure and turnover generated by the current customer base. Turnover is expected to grow to the extent that can be reasonably supported by the current personnel and other resources. This means such additional turnover and costs included in the business plan that are related to future expansion \u2013 and expected to be mainly visible as new customers and increased headcount \u2013 have been removed from the cash flow forecasts when preparing the goodwill impairment test.Goodwill impairment test is described in more detail in the Note 15.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-277": { "value": "
2. Revenue
Revenue from contracts with customers include management fees, service fees and carried interest.
Management fees are typically based on long-term contracts and recorded over time. Service fees include both
transaction fees recorded at a point in time and other service fees, such as fees from wealth and property and asset
management services, which are recorded over time. Carried interest is recognised at a point in time.
The below table disaggregates the revenue into management fees, fees from services and carried interest, and which
portion of each of these items is recorded over time or at a point in time in the income statement..
2025
1,000 EUR
Over time
At a point in time
Total
Management fees
49,772
49,772
Service fees
8,734
394
9,128
Carried interest
4,133
4,133
Revenue from customer contracts, external
58,506
4,528
63,033
2024
1,000 EUR
Over time
At a point in time
Total
Management fees
45,892
45,892
Service fees
7,095
316
7,411
Carried interest
4,318
4,318
Revenue from customer contracts, external
52,987
4,634
57,621
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-276": { "value": "
2. Revenue
Revenue from contracts with customers include management fees, service fees and carried interest.
Management fees are typically based on long-term contracts and recorded over time. Service fees include both
transaction fees recorded at a point in time and other service fees, such as fees from wealth and property and asset
management services, which are recorded over time. Carried interest is recognised at a point in time.
The below table disaggregates the revenue into management fees, fees from services and carried interest, and which
portion of each of these items is recorded over time or at a point in time in the income statement..
2025
1,000 EUR
Over time
At a point in time
Total
Management fees
49,772
49,772
Service fees
8,734
394
9,128
Carried interest
4,133
4,133
Revenue from customer contracts, external
58,506
4,528
63,033
2024
1,000 EUR
Over time
At a point in time
Total
Management fees
45,892
45,892
Service fees
7,095
316
7,411
Carried interest
4,318
4,318
Revenue from customer contracts, external
52,987
4,634
57,621
", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-275": { "value": "
2. Revenue
Revenue from contracts with customers include management fees, service fees and carried interest.
Management fees are typically based on long-term contracts and recorded over time. Service fees include both
transaction fees recorded at a point in time and other service fees, such as fees from wealth and property and asset
management services, which are recorded over time. Carried interest is recognised at a point in time.
The below table disaggregates the revenue into management fees, fees from services and carried interest, and which
portion of each of these items is recorded over time or at a point in time in the income statement..
2025
1,000 EUR
Over time
At a point in time
Total
Management fees
49,772
49,772
Service fees
8,734
394
9,128
Carried interest
4,133
4,133
Revenue from customer contracts, external
58,506
4,528
63,033
2024
1,000 EUR
Over time
At a point in time
Total
Management fees
45,892
45,892
Service fees
7,095
316
7,411
Carried interest
4,318
4,318
Revenue from customer contracts, external
52,987
4,634
57,621
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-279": { "value": "
3. Other operating income
2025
2024
Other items
29
6
Total
29
6
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-278": { "value": "
3. Other operating income
2025
2024
Other items
29
6
Total
29
6
6. Other operating expenses
1,000 EUR
2025
2024
Included in other operating expenses:
Other personnel expenses
1,671
1,436
Office expenses
652
684
Travelling and entertainment
1,150
1,055
External services
6,606
6,784
Other operating expenses
3,264
3,024
Total
13,344
12,981
Short-term lease expense (IFRS 16)
102
145
Expense for leases of low-value assets (IFRS 16)
86
121
Audit fees
Ernst & Young chain of companies:
2025
2024
Audit fees
311
437
Tax advisory services
53
19
Other fees and services
97
92
Total
461
548
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-280": { "value": "
4. Employee benefit expenses
1,000 EUR
2025
2024
Salaries and wages
32,427
27,979
Pension expenses - defined contribution plans
3,944
3,249
Share-based payments
737
612
Other personnel expenses
1,856
1,489
Total
38,964
33,331
Remuneration of the management is presented in Note 31. Related party disclosures.
Cost for the share-based payments is based on the fair value of the instrument. The counter-entry to the expenses
recognised in the income statement is in retained earnings, and thus has no effect on total equity. More information on
the share-based payments is disclosed in Note 30.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-281": { "value": "
Average number of people employed
2025
2024
By country
Finland
152
149
Sweden
29
27
Denmark
15
12
Norway
3
2
Luxembourg
4
3
United Kingdom
9
7
Germany
5
0
In total
215
200
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-283": { "value": "
5. Depreciation
1,000 EUR
2025
2024
Depreciation by asset type
Intangible assets
Other intangible assets
1,626
1,158
Total
1,626
1,158
Tangible assets
Machinery and equipment
50
76
Right-of-use assets, buildings (IFRS 16)
1,346
1,211
Right-of-use assets, machinery and equipment (IFRS 16)
12
0
Total
1,409
1,287
Total depreciation
3,035
2,444
Impairment test
Goodwill is tested for impairment at least annually and has been allocated to the cash-generating units as follows:
1,000 EUR
2025
2024
CapMan Wealth
7,412
7,412
Natural Capital
22,249
22,249
Real Asset Debt
2,385
0
Other
474
474
Total
32,520
30,135
CapMan Wealth
Recoverable amount of CapMan Wealth (previously CapMan Wealth Services) is based on value-in-use using five-year
discounted cash flow projections based on a business plan approved by the management. Future cash flows arising from
additional turnover generated by increased personnel, and thus extending the operations and enhancing the performance,
have been excluded from the cash flow projections applied in the impairment test. Cash flows for the period extending
over the planning period are calculated using the terminal value method. Key assumptions applied in the impairment test
are set forth in the table below:
2025
2024
Pre-tax discount rate
16.6%
19.0%
Average turnover growth
11.2%
14.3%
Average EBIT margin
35.1%
21.7%
Terminal growth rate
2.0%
2.0%
Natural Capital
Dasos Capital, which was acquired during the previous financial year (see Note 13), forms a cash-generating unit Natural
Capital, onto which goodwill of EUR 22.2 million has been allocated. Recoverable amount of Natural Capital is based on
value-in-use using five-year discounted cash flow projections based on a business plan approved by the management.
Cash flows for the period extending over the planning period are calculated using the terminal value method. Key
assumptions applied in the impairment test are set forth in the table below:
2025
2024
Pre-tax discount rate
14.0%
15.6%
Average turnover growth
10.9%
13.3%
Average EBIT margin
48.4%
52.0%
Terminal growth rate
2.0%
2.0%
Real Asset Debt
CAERUS Debt Investments AG, which was acquired during the financial year (see Note 13), establishes a new cash-
generating unit Real Asset Debt, onto which goodwill of EUR 2.4 million has been allocated. Recoverable amount of Real
Asset Debt is based on value-in-use using five-year discounted cash flow projections based on a business plan approved
by the management. Cash flows for the period extending over the planning period are calculated using the terminal value
method. Key assumptions applied in the impairment test are set forth in the table below:
2025
2024
Pre-tax discount rate
15.2%
\u2013
Average turnover growth
7.1%
\u2013
Average EBIT margin
20.5%
\u2013
Terminal growth rate
2.0%
\u2013
Discount rate takes into account listed domestic and foreign asset and wealth managers as a benchmark group. Cost of
equity includes risk premiums for local market areas and company size. As a risk-free rate, a reference rate of Germany
30-year government bonds has been applied. Based on the impairment test, none of goodwill allocated to any cash-
generating unit was impaired, and recoverable amounts of cash-generating units CapMan Wealth, Natural Capital and
Real Asset Debt exceed their carrying amounts by approximately EUR 10.1 million, EUR 3.8 million and EUR 1.0
million, respectively.
Of key assumptions applied in CapMan Wealth's impairment test, recoverable amount is sensitive to revenue growth
during the explicit forecasting period (5 years). Based on the sensitivity analysis, if revenue growth during the explicit
forecasting period would be 7 %-points lower per annum, recoverable amount would equal the carrying amount of the
respective cash-generating unit. No reasonably possible change in any of the other key assumptions would lead to
impairment.
Of key assumptions applied in Natural Capital's impairment test, recoverable amount is sensitive to changes in discount
rate, EBIT margin and revenue growth rate. Based on the sensitivity analysis, if discount rate would be 1.3 %-points
higher, average EBIT margin 4.8 %-points lower, or alternatively, if revenue growth during the explicit forecasting period
would be 0.2 %-points lower, recoverable amount would equal the carrying amount of the respective cash-generating
unit. No reasonably possible change in any of the other key assumptions would lead to impairment.
Of key assumptions applied in Real Asset Debt's impairment test, recoverable amount is sensitive to changes in discount
rate and EBIT margin. Based on the sensitivity analysis, if discount rate would be 2.1 %-points higher or alternatively
average EBIT margin 2.4 %-points lower, recoverable amount would equal the carrying amount of the respective cash-
generating unit. No reasonably possible change in any of the other key assumptions would lead to impairment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-282": { "value": "
5. Depreciation
1,000 EUR
2025
2024
Depreciation by asset type
Intangible assets
Other intangible assets
1,626
1,158
Total
1,626
1,158
Tangible assets
Machinery and equipment
50
76
Right-of-use assets, buildings (IFRS 16)
1,346
1,211
Right-of-use assets, machinery and equipment (IFRS 16)
12
0
Total
1,409
1,287
Total depreciation
3,035
2,444
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-286": { "value": "
6. Other operating expenses
1,000 EUR
2025
2024
Included in other operating expenses:
Other personnel expenses
1,671
1,436
Office expenses
652
684
Travelling and entertainment
1,150
1,055
External services
6,606
6,784
Other operating expenses
3,264
3,024
Total
13,344
12,981
Short-term lease expense (IFRS 16)
102
145
Expense for leases of low-value assets (IFRS 16)
86
121
Audit fees
Ernst & Young chain of companies:
2025
2024
Audit fees
311
437
Tax advisory services
53
19
Other fees and services
97
92
Total
461
548
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-285": { "value": "
6. Other operating expenses
1,000 EUR
2025
2024
Included in other operating expenses:
Other personnel expenses
1,671
1,436
Office expenses
652
684
Travelling and entertainment
1,150
1,055
External services
6,606
6,784
Other operating expenses
3,264
3,024
Total
13,344
12,981
Short-term lease expense (IFRS 16)
102
145
Expense for leases of low-value assets (IFRS 16)
86
121
Audit fees
Ernst & Young chain of companies:
2025
2024
Audit fees
311
437
Tax advisory services
53
19
Other fees and services
97
92
Total
461
548
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-284": { "value": "
6. Other operating expenses
1,000 EUR
2025
2024
Included in other operating expenses:
Other personnel expenses
1,671
1,436
Office expenses
652
684
Travelling and entertainment
1,150
1,055
External services
6,606
6,784
Other operating expenses
3,264
3,024
Total
13,344
12,981
Short-term lease expense (IFRS 16)
102
145
Expense for leases of low-value assets (IFRS 16)
86
121
Audit fees
Ernst & Young chain of companies:
2025
2024
Audit fees
311
437
Tax advisory services
53
19
Other fees and services
97
92
Total
461
548
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-287": { "value": "
Audit fees
Ernst & Young chain of companies:
2025
2024
Audit fees
311
437
Tax advisory services
53
19
Other fees and services
97
92
Total
461
548
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-288": { "value": "
7. Adjustments to cash flow statement and total cash outflow for leases
1,000 EUR
2025
2024
Personnel expenses
737
612
Depreciation, amortisation and write-downs
3,035
2,535
Fair value gains/losses of investments
-15,519
-7,789
Gain on sale of subsidiaries
0
-64,025
Finance income and costs
6,118
4,330
Costs related to acquisitions and disposals
532
5,672
Taxes
1,303
4,035
Other adjustments
85
35
Total
-3,710
-54,595
Total cash outflow for leases (IFRS 16)
-1,453
-1,386
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-291": { "value": "
8. Fair value gains/losses of investments
1,000 EUR
2025
2024
Investments at fair value through profit and loss
Investments in funds
15,519
7,789
Total
15,519
7,789
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-290": { "value": "
8. Fair value gains/losses of investments
1,000 EUR
2025
2024
Investments at fair value through profit and loss
Investments in funds
15,519
7,789
Total
15,519
7,789
17. Investments at fair value through profit or loss
Investments in funds
1,000 EUR
2025
2024
Investments in funds at 1 January
167,221
158,907
Additions
25,118
19,017
Acquisitions (see Note 13)
5
3,301
Distributions
-20,812
-10,054
Disposals
-8,016
-15,623
Fair value gains/losses of investments
15,503
7,746
Transfers
-464
3,927
Investments in funds at 31 December
178,556
167,221
Investments in funds by investment area at the end of period*
Buyout
28,834
31,467
Credit
7,123
5,917
Real Estate
53,075
39,262
Growth Equity
14,985
15,023
Infra
21,031
17,684
Special Situations
4,950
3,789
Natural Capital
1,958
2,917
Fund of funds
8,284
8,286
External Venture Capital funds
34,534
38,626
Other investment areas
3,781
4,250
Total
178,555
167,221
* Investments in funds include the subsidiary, CapMan Fund Investments SICAV-SIF, with a fair value of EUR\u202f111.3 million.
The fair value included EUR 4.0 million of cash.
Other financial assets
1,000 EUR
2025
2024
Other investments at 1 January
571
508
Additions
42
42
Fair value gains/losses of investments
102
21
Other investments at 31 December
715
571
21. Financial assets at fair value through profit or loss
1,000 EUR
2025
2024
Derivate assets
20
0
Interest rate funds
3,509
3,790
Total
3,529
3,790
Fair value of derivative instruments
Foreign exchange forwards
20
-77
Total
20
-77
Nominal value of derivative instruments
Foreign exchange forwards
3,157
4,484
Total
3,157
4,484
Financial assets at fair value through profit or loss include derivative assets and short-term investments made for cash
management purposes in interest rate funds. CapMan uses short-term derivative instruments to hedge against currency
changes in foreign currency denominated trade receivables. CapMan does not apply hedge accounting to derivative
instruments and derivatives are initially measured at costs and thereafter to fair value at the end of the reporting period.
Fair values of derivatives are based on market values or values derived from market values at the end of the reporting
period (fair value hierarchy level 2). Translation difference incurred to foreign currency denominated trade receivables is
recognised to turnover and that fair value change of the derivative instrument that is effectively hedging the underlying
trade receivable, is recorded to turnover and the remainder of the derivative\u2019s fair value change is recorded to financial
expenses. In the comparison period, no derivative instruments were used.
Financial assets
1,000 EUR
Note
Balance sheet
value
Fair value
2025
Investments at fair value through profit or loss
\u00a0 Investments in funds
17
178,556
178,556
\u00a0 Other financial assets*
17
715
715
Loan receivables
18
4,583
4,583
Trade and other receivables
18, 20
31,860
31,860
Financial assets at fair value
21
3,529
3,529
Cash and bank
22
60,971
60,971
Total
280,213
280,213
*Other financial assets consists of financial assets that are specifically classified as investments at fair value through profit and loss
Financial assets
1,000 EUR
2024
Investments at fair value through profit or loss
\u00a0 Investments in funds
17
167,221
167,221
\u00a0 Other financial assets*
17
571
571
Loan receivables
18
3,795
3,795
Trade and other receivables
18, 20
30,616
30,616
Financial assets at fair value
21
3,790
3,790
Cash and bank
22
90,142
90,142
Total
296,135
296,135
*Other financial assets consists of financial assets that are specifically classified as investments at fair value through profit and loss
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-289": { "value": "
8. Fair value gains/losses of investments
1,000 EUR
2025
2024
Investments at fair value through profit and loss
Investments in funds
15,519
7,789
Total
15,519
7,789
17. Investments at fair value through profit or loss
Investments in funds
1,000 EUR
2025
2024
Investments in funds at 1 January
167,221
158,907
Additions
25,118
19,017
Acquisitions (see Note 13)
5
3,301
Distributions
-20,812
-10,054
Disposals
-8,016
-15,623
Fair value gains/losses of investments
15,503
7,746
Transfers
-464
3,927
Investments in funds at 31 December
178,556
167,221
Investments in funds by investment area at the end of period*
Buyout
28,834
31,467
Credit
7,123
5,917
Real Estate
53,075
39,262
Growth Equity
14,985
15,023
Infra
21,031
17,684
Special Situations
4,950
3,789
Natural Capital
1,958
2,917
Fund of funds
8,284
8,286
External Venture Capital funds
34,534
38,626
Other investment areas
3,781
4,250
Total
178,555
167,221
* Investments in funds include the subsidiary, CapMan Fund Investments SICAV-SIF, with a fair value of EUR\u202f111.3 million.
The fair value included EUR 4.0 million of cash.
Other financial assets
1,000 EUR
2025
2024
Other investments at 1 January
571
508
Additions
42
42
Fair value gains/losses of investments
102
21
Other investments at 31 December
715
571
18. Receivables \u2013 Non-current
1,000 EUR
2025
2024
Trade receivables
2,134
3,426
Loan receivables
3,207
3,541
Other receivables
84
84
Total
5,426
7,052
Non-current trade receivables are related to previously offered fundraising and advisory services. Because of the
significant financing component related to these receivables, the promised amount of consideration has been adjusted for
the effects of the time value of money and the credit characteristics of the customer. However, no contract assets are
related to these customer contracts, as the Group\u2019s right to the amount of consideration is unconditional and subject only
to the passage of time.
Loan receivables primarily include loans granted to investment teams for co-investments.
Allowance for expected credit losses of loan receivables is presented below separately for portion measured at an amount
equal to 12-month and lifetime expected credit losses.
As at December 31, 2025 and 2024, loss allowance measured at an amount equal to lifetime expected credit losses is
fully related to credit-impaired loan receivables from entities controlled by the former or current investment teams, and
granted for making co-investments in funds managed by CapMan. The most significant credit-impaired loan receivables are
from entities controlled by the former CapMan Russia investment team. CapMan has determined these loan receivables
being credit-impaired, because the underlying funds have filed for liquidation and it seems not probable that the loans and
accrued interests would be repaid to CapMan in full. The other credit-impaired loan receivables are related to loans
granted to making co-investments to such funds, whose carry potential is estimated to be low, and therefore, CapMan has
determined it seems not probable that the borrowing entity would repay these loans and accrued interests in full.
1,000 EUR
2025
2024
Loan receivables, gross
4,856
5,190
Loss allowance, 12-month ECL*
-68
-68
Loss allowance, lifetime ECL*
-1,581
-1,581
Loan receivables, net
3,207
3,541
*ECL = expected credit losses
Other non-currrent receivables include primarily rental deposits.
20. Trade and other receivables
1,000 EUR
2025
2024
Trade receivables
16,709
9,621
Loan receivables
1,376
254
Accrued income
1,889
1,783
Other receivables
11,044
15,702
Total
31,017
27,360
Loss allowance for the expected credit losses of trade receivables, based on a provision matrix, is presented below.
1,000 EUR
2025
2024
Trade receivables, gross
16,899
9,727
Loss allowance
-191
-106
Trade receivables, net
16,709
9,621
Expected credit losses of other receivables measured at amortised cost is insignificant, and other receivables at amortised
cost do not contain credit-impaired items.
With regards to contracts with customers, the Group\u2019s right to the amount of consideration is unconditional. Therefore,
they are presented as receivables and no separate contract asset is presented.
Loan receivables include mainly current loan receivables from related parties and other employees.
Accrued income includes mainly prepayments.
Other receivables mainly include unvoiced sale of services, costs to be re-invoiced, income tax receivables and
receivables related to sold financial assets.
Trade and other receivables by currency at end of year
Trade and other receivables
Amount in foreign
currency
Amount in euros
proportion
EUR
24,900
68 %
USD
3,779
3,216
9 %
SEK
43,212
3,993
11 %
GBP
117
134
0 %
DKK
26,544
3,554
10 %
NOK
7,658
647
2 %
21. Financial assets at fair value through profit or loss
1,000 EUR
2025
2024
Derivate assets
20
0
Interest rate funds
3,509
3,790
Total
3,529
3,790
Fair value of derivative instruments
Foreign exchange forwards
20
-77
Total
20
-77
Nominal value of derivative instruments
Foreign exchange forwards
3,157
4,484
Total
3,157
4,484
Financial assets at fair value through profit or loss include derivative assets and short-term investments made for cash
management purposes in interest rate funds. CapMan uses short-term derivative instruments to hedge against currency
changes in foreign currency denominated trade receivables. CapMan does not apply hedge accounting to derivative
instruments and derivatives are initially measured at costs and thereafter to fair value at the end of the reporting period.
Fair values of derivatives are based on market values or values derived from market values at the end of the reporting
period (fair value hierarchy level 2). Translation difference incurred to foreign currency denominated trade receivables is
recognised to turnover and that fair value change of the derivative instrument that is effectively hedging the underlying
trade receivable, is recorded to turnover and the remainder of the derivative\u2019s fair value change is recorded to financial
expenses. In the comparison period, no derivative instruments were used.
22. Cash and cash equivalents
1,000 EUR
2025
2024
Bank accounts
50,717
78,756
Money market funds
10,254
11,386
Total
60,971
90,142
Cash and cash equivalents include bank accounts and short-term investments made to money market funds for cash
management purposes.
24. Interest-bearing loans and borrowings
1,000 EUR
2025
2024
Senior bonds
99,718
99,607
Lease liabilities (IFRS 16)
5,347
1,655
Total
105,064
101,262
During the previous year, CapMan issued unsecured sustainability-linked notes in the aggregate principal amount of EUR
60 million. The notes will mature on June 10, 2029 and carry a fixed annual interest of 6.5%. On the balance sheet
date, CapMan also has unsecured sustainability-linked notes in the aggregate principal amount of EUR 40 million issued
in April 2022, which will mature on April 13, 2027 and carry a fixed annual interest of 4.5% paid annually.
25. Other non-current liabilities
1,000 EUR
2025
2024
Liabilities related to business acquisitions
904
0
Other liabilities
929
547
Total
1,833
547
Other liabilities are non-interest bearing and are related to pension obligations, which are defined contribution plans by
nature.
26. Trade and other payables \u2013 Current
1,000 EUR
2025
2024
Trade payables
1,422
1,284
Advance payments received
1
83
Accrued expenses
19,054
16,208
Derivative liabilities
0
77
Other liabilities
3,763
1,725
Total
24,240
19,378
The maturity of trade payables is normal terms of trade and don\u2019t include overdue payments.
Advance payments received are liabilities based on customer contracts.
The most significant items in accrued expenses relate to accrued salaries and social benefit expenses.
Trade and other liabilities by currency at end of year
Trade and other liabilities
Amount in
foreign currency
Amount in euros
Proportion
EUR
18,226
75%
SEK
35,009
3,235
13%
GBP
630
722
3%
DKK
13,288
1,779
7%
NOK
3,298
278
1%
27. Interest-bearing loans and borrowings \u2013 Current
1,000 EUR
2025
2024
Lease liabilities (IFRS 16)
1,077
1,271
Total
1,077
1,271
28. Financial assets and liabilities
Financial assets
1,000 EUR
Note
Balance sheet
value
Fair value
2025
Investments at fair value through profit or loss
\u00a0 Investments in funds
17
178,556
178,556
\u00a0 Other financial assets*
17
715
715
Loan receivables
18
4,583
4,583
Trade and other receivables
18, 20
31,860
31,860
Financial assets at fair value
21
3,529
3,529
Cash and bank
22
60,971
60,971
Total
280,213
280,213
*Other financial assets consists of financial assets that are specifically classified as investments at fair value through profit and loss
Financial assets
1,000 EUR
2024
Investments at fair value through profit or loss
\u00a0 Investments in funds
17
167,221
167,221
\u00a0 Other financial assets*
17
571
571
Loan receivables
18
3,795
3,795
Trade and other receivables
18, 20
30,616
30,616
Financial assets at fair value
21
3,790
3,790
Cash and bank
22
90,142
90,142
Total
296,135
296,135
*Other financial assets consists of financial assets that are specifically classified as investments at fair value through profit and loss
Financial assets
1,000 EUR
Note
Balance sheet
value
Fair value
2025
Non-current liabilities
24
105,064
105,064
Non-current operative liabilities
25
1,833
1,833
Trade and other liabilities
26
24,240
24,240
Current liabilities
27
1,077
1,077
Total
132,214
132,214
Financial assets
2024
Non-current liabilities
24
101,262
101,262
Non-current operative liabilities
25
547
547
Trade and other liabilities
26
19,378
19,378
Current liabilities
27
1,271
1,271
Total
122,458
122,458
Net debt
Net debt
2025
2025
Cash and cash equivalents
60,971
90,142
Borrowings - repayable within one year
-1,077
-1,271
Borrowings - repayable after one year
-105,064
-101,262
Net debt
-45,170
-12,391
Cash and cash equivalents
60,971
90,142
Gross debt - variable interest rates
-6,423
-2,926
Gross debt - fixed interest rates
-99,718
-99,607
Net debt
-45,170
-12,391
Changes in liabilities arising from financing activities
1,000 EUR
01 January
2025
Cash flows
Acquisitions
Other changes
31 December
2025
2025
Non-current loans and borrowings
99,607
0
0
111
99,718
Non-current lease liabilities
1,655
-1,044
263
4,472
5,347
Current loans and borrowings
0
0
0
0
0
Current lease liabilities
1,271
-314
120
0
1,077
Total
102,533
-1,358
383
4,583
106,142
1,000 EUR
01 January 2024
Cash flows
Other changes
31 December
2024
2024
Non-current loans and borrowings
89,750
9,566
291
99,607
Non-current lease liabilities
2,720
-1,216
151
1,655
Current loans and borrowings
63
0
-63
0
Current lease liabilities
1,323
-52
0
1,271
Total
93,856
8,299
379
102,533
32. Financial risk management
The purpose of financial risk management is to ensure that the Group has adequate and effectively utilised financing as
regards the nature and scope of the Group\u2019s business. The objective is to minimise the impact of negative market
development on the Group with consideration for cost efficiency. The financial risk management has been centralised and
the Group\u2019s CFO is responsible for financial risk management and control.
The management constantly monitors cash flow forecasts and the Group\u2019s liquidity position on behalf of all Group
companies. In addition, the Group\u2019s principles for liquidity management include rolling 12-month loan covenant
assessments. The loan covenants are related to equity ratio and net gearing. During the financial year all the loan
covenants have been fullfilled.
The Group has a Valuation team, which monitors the performance and the price risk of the investment portfolio (financial
assets measured at fair value through profit or loss) independently and objectively of the investment teams. The Valuation
team is responsible for reviewing the monthly reporting and forecasts for portfolio companies. Valuation proposals are
examined by the Valuation team and subsequently reviewed and decided by the Valuation Committee, which must
include at least two members from CapMan AIF Manager's Board of Directors. The portfolio company valuations are
reviewed in the Valuation Committee on a quarterly basis. The valuations are back tested against realised exit valuations,
and the results of such back testing are reported to the Audit and Risk Committee annually.
a) Liquidity risk
Cash inflow from operating activities consists of predictable management fees and fees from the Service Business, as well
as transaction-based fees and carried interest income, which are more difficult to predict. Cash outflow from operating
activities consists of payment of fixed costs, interests and taxes, which are relatively well predictable in the short term.
Liquidity management is also significantly impacted by the timing of the capital calls to the funds and proceeds from fund
investments, which is difficult to predict. Therefore, the Group maintains a sufficient liquidity in order to fulfill its
commitments, which are more difficult to predict. Cash from financing activities consist of proceeds from and repayment
of borrowings, and payment of dividends and return of capital.
Management fees received from the funds and majority of fees from the Service Business are based on long-term
agreements and are targeted to cover the operational expenses of the Group. Management fees and majority of fees from
the Service Business are quite reliably predictable for the coming 12 months. However, part of of the fees from the
Service Business are transaction-based and thus more difficult to forecast.
The timing and receipt of carried interest generated by the funds is uncertain and will contribute to the volatility of the
results. Changes in investment and exit activity levels may have a significant impact on cash flows of the Group. A single
investment or exit may change the cash flow situation completely and the exact timing of the cash flow is difficult to
predict. Group companies managing a fund may in certain circumstances, pursuant to the terms of the fund agreement,
have to return carried interest income they have received (so-called clawback). The obligation to return carried interest
income applies typically when, according to the final distribution of funds, the carried interest income received by the
fund management company exceeds the carried interest it is entitled to when the fund expires. CapMan has no clawback
liabilities recorded at the balance sheet date.
CapMan has made commitments to the funds it manages. As at December 31, 2025, the undrawn commitments to the
funds amounted to EUR 57.9 (66.8) million and the financing capacity available (cash available for use and third party
financing facilities) amounted to EUR 84.5 (114.2) million. The cash available includes the cash of CapMan Fund
Investments SICAV-SIF EUR 3.6 (4.0) million, which is reported in fund investments in the group balance sheet.
During the previous financial year, CapMan issued unsecured sustainability-linked notes in the aggregate principal
amount of EUR 60 million. The notes will mature on June 10, 2029 and carry a fixed annual interest of 6.5% paid
annually. In conjunction with this, in June and December 2024, CapMan redeemed the EUR 50 million notes issued in
2020. CapMan also has unsecured sustainability-linked notes in the aggregate principal amount of EUR 40 million
issued in April 2022, which will mature on April 13, 2027 and carry a fixed annual interest of 4.5% paid annually. The
sustainability targets of this loan were achieved already in 2023, which means its interest rate will remain unchanged till
maturity. The sustainability targets of the loan maturing on June 10, 2029, will be reviewed on December 31, 2027,
which may result in an increase of its interest rate by a maximum of 1.25 pp for the remainder of the term. Both loan
agreements include covenants tied to equity ratio.
At the end of the financial year, CapMan has an unused long-term credit facility of EUR 20 million. CapMan has not used
the credit facility during the financial year or the previous year. The long-term credit facility agreement includes a
covenant related to net gearing.
Maturity analysis
31 December 2025, 1,000 EUR
Due within 3
months
Due between 3
and 12
months
Due between 1
and 3 years
Due between 3
and 5 years
Due later
Bonds
40,000
60,000
Accounts payable
1,422
Interests, bonds
5,700
8,303
1,710
Commitments to funds
302
11,541
5,548
6,746
33,723
Lease liabilities (IFRS 16)
300
726
1,192
1,025
3,182
Maturity analysis
31 December 2024, 1,000 EUR
Due within 3
months
Due between 3
and 12
months
Due between 1
and 3 years
Due between 3
and 5 years
Due later
Bonds
40,000
60,000
Accounts payable
1,284
Interests, bonds
5,700
10,103
5,610
Commitments to funds
326
17,132
1,209
7,452
40,709
Lease liabilities (IFRS 16)
299
836
1,790
b) Interest rate risk
At the end of the financial year, interest-bearing liabilities carry a fixed interest rate. Exposure to interest rate risk arises
principally from the long-term credit facility of EUR 20 million with a floating interest rate. This facility was not used
during the financial year or the previous year. The interest rate of the credit facility is the aggregate of the reference rate
(Euribor) and the margin, which is dependent on the Group's net gearing and is in the range of 1.75 % to 2.70 %.
Interest rate is also tied to reaching sustainability targets, the outcome of which, however, did not have an impact on the
margin.
The EUR 60 million bond issued in June 2024 has an annual coupon rate of 6.5% paid annually. The terms of the bond
include sustainability-linked targets, and the outcome of reaching these will be reviewed on December 31, 2027. Failure
to fulfill the agreed sustainability-linked targets could increase the interest rate by 1.25 pp, at maximum, for the
remainder of the loan term. The sustainability-linked senior bond issued in April 2022 carry initially an annual coupon
rate of 4.5% paid annually. As CapMan succeeded in fulfilling the sustainability-linked conditions, the interest rate will
remain unchanged for the remainder of the loan term.
Loans according to interest rate 1,000 EUR
2025
2024
Floating rate
0
0
Fixed rate
99,718
99,607
Total
99,718
99,607
c) Credit risk
Group\u2019s credit risks relate to trade, loan and other receivables recognised at amortised cost. The maximum credit loss of
these receivables is the carrying amount of the receivable in question. There are no collaterals relating to the receivables.
CapMan has some credit-impaired co-investment loan receivables from entities controlled by the former or current
investment teams. Co-investment loans are determined to be credit-impaired, if the expected distributions from the
underlying fund would not enable full repayment of the loan to CapMan. Events triggering an evaluation to determine, if a
loan receivable is credit-impaired, are typically decreased or lost carry potential or decreased fair value of the underlying
fund\u2019s remaining investments or fund filing for liquidation. More information on the expected credit losses of receivables is
presented in notes 18 and 20.
Group\u2019s loan commitments are related to co-investment loans granted to team entities, which they use in order to make
co-investments to funds managed by the Group. Apart from credit-impaired loan receivables, credit risk of loan
commitments is deemed low, when the repayment is subject to distributions received from the fund and the fund is
capable of making distributions equaling or exceeding the needed cash for repaying the loans and accrued interests.
d) Currency risk
Changes in exchange rates, particularly between the US dollar and the euro, impact the company\u2019s performance, since a
part of group\u2019s fund investments and non-current accounts receivables are in US dollar. Any strengthening/weakening of
the dollar against the euro would improve/weaken the fair value gains or US dollar fund investments and revenue related
to US dollar nominated account receivables.
CapMan has started to hedge its US dollar nominated account receivables against changes in exchange rates as of
December 2022. The group does not, however, apply hedge accounting to the derivative instruments used for hedging
purposes.
CapMan has subsidiaries outside of the Eurozone, and their equity is exposed to movements in foreign currency exchange
rates. However, the Group does not hedge currency as the impact of exposure to currency movements on equity is
relatively small.
As at December 31, 2025, 86% of the Group's financial assets were in euros, 10% in US dollars 1.5% in Swedish krona
and 1.5% in other currencies. The following table presents the fair values of the foreign currency denominated financial
assets.
Financial assets denominated in foreign currencies, in euros
1,000 EUR
SEK
USD
Other currencies
Total
2025
4,457
28,053
4,633
37,143
2024
2,195
21,052
2,484
25,731
e) Capital management
Group\u2019s aim is to have an efficient capital structure that allows the company to manage its ongoing obligations and that
the business has the prerequisites for operating normally. The Return on equity (ROE) and the Equity ratio are the means
for monitoring capital structure.
The long-term financial targets of the Group have been confirmed by the Board of Directors of CapMan Plc. The financial
targets are based on growth, profitability and balance sheet. The combined growth objective for the Management
Company and Service businesses is more than 15 per cent p.a. on average. The objective for return on equity is more
than 20 per cent p.a. on average. CapMan\u2019s equity ratio target is more than 50 per cent.
The distribution policy was updated during the financial year by the Board of Directors of CapMan Plc. CapMan\u2019s
objective is to distribute at least 70 per cent of the Group\u2019s profit attributable to equity holders of the company excluding
the impact of fair value changes, subject to the distributable funds of the parent company. In addition, CapMan may pay
out distributions accrued from investment operations, taking into consideration foreseen cash requirements for future
investments. Previously, CapMan\u2019s policy was to pay an annually increasing dividend to its shareholders.
On the balance sheet date, CapMan has two unsecured senior bonds outstanding, EUR 40 million sustainability-linked
unsecured bond maturing on April 13, 2027 and EUR 60 million sustainability-linked unsecured bond maturing on June
10, 2029. In addition, CapMan as a long-term credit facility of EUR 20 million available until June 17, 2027, which
was not in use at the balance sheet date.
The long-term credit facility agreement and senior bond agreements include financial covenants related to both equity
ratio and net gearing.
1,000 EUR
2025
2024
Interest-bearing loans
106,141
102,533
Cash and cash equivalents
-60,971
-90,142
Net debt
45,170
12,391
Equity
194,398
202,568
Net gearing
23.2%
6.1%
Return on equity
8.0%
46.2%
Equity ratio
57.6%
59.0%
f) Price risk of the investments in funds
The investments in funds are valued using the International Private Equity and Venture Capital Valuation Guidelines.
According to these guidelines, the fair values are generally derived by multiplying key performance metrics of the investee
company (e.g., EBITDA) by the relevant valuation multiple (e.g., price/equity ratio) observed for comparable publicly
traded companies or transactions. Changes in valuation multiples can lead to significant changes in fair values depending
on the leverage ratio of the investee company.
g) Climate related risks
The Group has assessed the impact of climate-related matters and whether climate related risks could be expected to
result in material adjustments in the Group\u2019s financial statements. The Group is committed to Science Based Targets and
climate net zero target and has established short-term, mid-term and long-term sustainability targets for CapMan Group
as well as for its investment areas. The Group\u2019s largest assets consist of financial assets, and more precisely, of its own
and external fund investments valued at fair value. Therefore, potential climate-related risks are primarily associated with
CapMan\u2019s own fund investments, managed by CapMan\u2019s investment professionals, and with external fund investments.
CapMan\u2019s commitment to climate net zero, combined with the valuation process described earlier, can therefore be seen
taking sufficiently into account climate-related matters impacting the fair value of the underlying portfolio companies, real
estate properties and other holdings owned by CapMan\u2019s own funds. Fair value of external fund investments is based on
external fund managers\u2019 valuations and no climate-related adjustments are made by CapMan. However, the Group sees
that the industries, in which the portfolio companies of the external fund investments operate, are not materially subject
to climate related risks with regards to their fair valuation.
h) Determining fair values
Fair value hierarchy of financial assets measured at fair value at 31 December 2024
1,000 EUR
Fair value
Level 1
Level 2
Level 3
Investments in funds
178,555
3,854
0
174,701
Other non-current investments
715
689
0
25
Current financial assets at FVTPL*
3,529
3,509
20
0
*fair value through profit or loss
The different levels have been defined as follows:
Level 1 \u2013 Quoted prices (unjusted) in active markets for identical assets
Level 2 \u2013 Other than quoted prices included within Level 1 that are observable for the asset, either directly (that is, as
price) or indirectly (that is, derived from prices)
Level 3 \u2013 The asset that is not based on observable market data
1,000 EUR
Level 1
Level 2
Level 3
Total
Non-current investments at fair value through
profit or loss
Investments in funds
at Jan 1
4,318
162,903
167,221
Additions
25,118
25,118
Acquisitions
5
5
Distributions
-20,812
-20,812
Disposals
-8,016
-8,016
Fair value gains/losses\u00a0
15,503
15,503
Transfers*
-464
0
-464
at the end of period
3,854
174,701
178,555
Other investments
at Jan 1
545
0
25
570
Additions
42
42
Fair value gains/losses\u00a0
102
102
at the end of period
689
0
25
715
* Includes the change of cash and cash equivalents of the subsidiary CapMan Fund Investments SICAV-SIF, classified as fund investments,
Fair value hierarchy of financial assets measured at fair value at 31 December 2023
1,000 EUR
Fair value
Level 1
Level 2
Level 3
Investments in funds
167,221
4,318
0
162,903
Other non-current investments
571
545
0
25
Current financial assets at FVTPL*
3,790
3,790
0
0
*fair value through profit or loss
The different levels have been defined as follows:
Level 1 \u2013 Quoted prices (unjusted) in active markets for identical assets
Level 2 \u2013 Other than quoted prices included within Level 1 that are observable for the asset, either directly (that is, as
price) or indirectly (that is, derived from prices)
Level 3 \u2013 The asset that is not based on observable market data
1,000 EUR
Level 1
Level 2
Level 3
Total
Non-current investments at fair value through
profit or loss
Investments in funds
at Jan 1
980
157,927
158,907
Additions
19,017
19,017
Distributions
-589
-9,465
-10,054
Disposals
-15,623
-15,623
Fair value gains/losses\u00a0
7,746
7,746
Transfers*
3,927
0
3,927
at the end of period
4,318
162,903
167,221
Other investments
at Jan 1
482
0
25
507
Additions
42
42
Fair value gains/losses\u00a0
21
21
at the end of period
545
0
25
571
* Includes the change of cash and cash equivalents of the subsidiary CapMan Fund Investments SICAV-SIF, classified as fund investments,
Sensitivity analysis of Level 3 investments at 31 December 2025
Investment area
Fair Value MEUR,
31 December 2025
Valuation methodology
Unobservable inputs
Used input value (weighted
average)
Change in input value
Fair value sensitivity
Private Equity
48.8
Peer group
Peer group earnings multiples
EV/EBITDA 2025 11.7\u00d7
+/\u2013 10%
+/\u2013 5.2 MEUR
Discount to peer group multiples
17%
+/\u2013 10%
\u2013/+ 1.1 MEUR
Real Estate
53.1
Valuation by an independent valuer
FX rate
EUR/SEK 10.8215
+/\u20131%
\u2013/+ 0.3 MEUR
EUR/DKK 7.4689
+/\u20131%
\u2013/+ 0.4 MEUR
EUR/NOK 11.843
+/\u20131%
\u2013/+ 0.1 MEUR
Infra
21.0
Discounted cash flows
Terminal value
EV/EBITDA 14.4\u00d7
+/\u2013 5%
+/\u20131.6 MEUR
Discount rate; market rate and risk
premium
13%
+/\u2013 100 bps
\u2013/+ 2.2 MEUR
Credit
7.1
Discounted cash flows
Discount rate; market rate and risk
premium
9%
+/\u2013 100 bps
\u20130.1 MEUR / value change based on a
change in the discount rate is not
booked
Natural Capital
2.0
Valuation by an independent valuer
Wood prices
na
+/\u2013 2.5%
+/\u2013 0.3 MEUR
Discount rate
4%
+\u20130.3%
\u2013/+ 0.8 MEUR
Investments in funds-of-funds
7.9
Reports from PE fund management
company
FX rate
EUR/USD 1.175
+/\u20131%
\u2013/+ 0.1 MEUR
Investments in external venture capital funds
35.0
Reports from PE fund management
company
Adjustment to the reported value
8%
+/\u2013 10%
\u2013 0.3 MEUR / +0.3 MEUR
Sensitivity analysis of Level 3 investments at 31 December 2024
Investment area
Fair Value MEUR,
31 December 2024
Valuation methodology
Unobservable inputs
Used input value (weighted
average)
Change in input value
Fair value sensitivity
Private Equity
50.3
Peer group
Peer group earnings multiples
EV/EBITDA 2024 12.1\u00d7
+/\u2013 10%
+/\u2013 5.2 MEUR
Discount to peer group multiples
20%
+/\u2013 10%
\u2013/+ 1.4 MEUR
Real Estate
39.3
Valuation by an independent valuer
FX rate
EUR/SEK 11.4590
+/\u20131%
\u2013/+ 0.1 MEUR
EUR/DKK 7.4578
+/\u20131%
\u2013/+ 0.1 MEUR
EUR/NOK 11.7950
+/\u20131%
\u2013/+ 0.0 MEUR
Infra
17.7
Discounted cash flows
Terminal value
EV/EBITDA 14.6\u00d7
+/\u2013 5%
+/\u2013 1.2 MEUR
Discount rate; market rate and risk
premium
13%
+/\u2013 100 bps
\u2013/+ 1.9 MEUR
Credit
5.9
Discounted cash flows
Discount rate; market rate and risk
premium
10%
+/\u2013 100 bps
\u20130.2 MEUR / value change based on a
change in the discount rate is not
booked
Natural Capital
2.9
Valuation by an independent valuer
Wood prices
na
+/\u2013 2.5%
+/\u2013 0.3 MEUR
Discount rate
4%
+\u20130.3%
\u2013/+ 0.9 MEUR
Investments in funds-of-funds
7.8
Reports from PE fund management
company
FX rate
EUR/USD 1.0389
+/\u20131%
\u2013/+ 0.1 MEUR
Investments in external venture capital funds
39.1
Reports from PE fund management
company
CapMan has made some investments also in funds that are not managed by CapMan Group companies. The fair values
of these investments in CapMan\u2019s balance sheet are primarily based on the valuations by the respective fund managers.
No separate sensitivity analysis is prepared by CapMan for these investments. However, CapMan evaluates the significant
investments individually and makes adjustments to them if necessary. Separate sensitivity analysis is prepared by
CapMan for these adjustments.
The changes in the peer group earnings multiples and the peer group discounts are typically opposite to each other.
Therefore, if the peer group multiples increase, a higher discount is typically applied. Because of this, a change in the
peer group multiples may not in full be reflected in the fair values of the fund investments.
The valuations are based on euro. If portfolio company\u2019s reporting currency is other than euro, P&L items used in the basis
of valuation are converted applying the average foreign exchange rate for corresponding year and the balance sheet items
are converted applying the rate at the time of reporting. Changes in the foreign exchange rates, in CapMan\u2019s estimate,
have no significant direct impact on the fair values calculated by peer group multiples during the reporting period.
The valuation of CapMan funds\u2019 investment is based on international valuation guidelines that are widely used and
accepted within the industry and among investors. CapMan always aims at valuing funds\u2019 investments at their actual
value. Fair value is the best estimate of the price that would be received by selling an asset in an orderly transaction
between market participants on the measurement date.
Determining the fair value of fund investments for funds investing in portfolio companies is carried out using International
Private Equity and Venture Capital Valuation Guidelines (IPEVG). In estimating fair value for an investment, CapMan
applies a technique or techniques that is/are appropriate in light of the nature, facts, and circumstances of the investment
in the context of the total investment portfolio. In doing this, current market data and several inputs, including the nature
of the investment, local market conditions, trading values on public exchanges for comparable securities, current and
projected operating performance, and the financial situation of the investment, are evaluated and combined with market
participant assumptions. In selecting the appropriate valuation technique for each particular investment, consideration of
those specific terms of the investment that may impact its fair value is required.
Different methodologies may be considered. The most applied methodologies at CapMan include available market price
for actively traded (quoted) investments, earnings multiple valuation technique, whereby public peer group multiples are
used to estimate the value of a particular investment, and the Discounted Cash Flows method, whereby estimated future
cash flows and the terminal value are discounted to the present by applying the appropriate risk-adjusted rate. CapMan
always applies a discount to peer group multiples, due to e.g. limited liquidity of the investments. Due to the qualitative
nature of the valuation methodologies, the fair values are to a considerable degree based on CapMan\u2019s judgment.
The Group has a Risk and Valuation team, which monitors the performance and the price risk of the investment portfolio
(financial assets entered at fair value through profit or loss) independently and objectively of the investment teams. The
Risk and Valuation team is responsible for reviewing the monthly reporting and forecasts for portfolio companies.
Valuation proposals are examined by the Risk and Valuation team and subsequently reviewed and decided by the
Valuation Committee, which comprises at least Valuation Controller, Risk Manager and at least one CapMan AIF
Manager\u2019s Board of Directors. The portfolio company valuations are reviewed in the Valuation Committee on a quarterly
basis. The valuations are back tested against realised exit valuations, and the results of such back testing are reported to
the Audit Committee annually.
Investments in real estate are valued at fair value based on appraisals made by independent external experts, who follow
International Valuation Standards (IVS). The method most appropriate to the use of the property is always applied, or a
combination of such methods. For the most part, the valuation methodology applied is the discounted cash flow method,
which is based on significant unobservable inputs. These inputs include the following:
Future rental cash inflows
Based on the actual location, type and quality of the properties and supported
by the terms of any existing lease, other contracts or external evidence such as
current market rents for similar properties;
Discount rates
Reflecting current market assessments of the uncertainty in the amount and
timing of cash flows;
Estimated vacancy rates
Based on current and expected future market conditions after expiry of any
current lease;
Property operating expenses
Including necessary investments to maintain functionality of the property for its
expected useful life;
Capitalisation rates
Based on actual location size and quality of the properties and taking into
account market data at the valuation date;
Terminal value
Taking into account assumptions regarding maintenance costs , vacancy rates
and market rents.
The investments in natural capital funds that CapMan manages are valued based on appraisals made in cooperation with
independent appraisers with specific experience in the valuation of investments in timberland assets. The main forest
valuation approaches include income approach where the value is the net present value of expected cash flows
discounted at a current market rate, cost approach where the value is based on historical investment cost of the forest
asset (land cost, planting and management cost etc.) and market approach where the value is based on the transaction
values of comparable forest assets.
Valuations based on appraisals by Independent external experts are updated annually for closed-end funds and quarterly
for open-ended funds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-296": { "value": "
9. Finance income and costs
1,000 EUR
2025
2024
Finance income
Interest income from loan receivables
1,073
1,582
Exchange gains
84
161
Other financing income
587
187
Total
1,744
1,930
Finance costs
Interest expenses for loans
-5,864
-5,213
Change of expected credit losses
-66
-2
Change in fair value of financial liabilities
0
-194
Other interest and finance expenses
-452
-548
Interest expense of lease liabilities (IFRS 16)
-95
-118
Exchange losses
-1,383
-179
Total
-7,862
-6,253
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-295": { "value": "
9. Finance income and costs
1,000 EUR
2025
2024
Finance income
Interest income from loan receivables
1,073
1,582
Exchange gains
84
161
Other financing income
587
187
Total
1,744
1,930
Finance costs
Interest expenses for loans
-5,864
-5,213
Change of expected credit losses
-66
-2
Change in fair value of financial liabilities
0
-194
Other interest and finance expenses
-452
-548
Interest expense of lease liabilities (IFRS 16)
-95
-118
Exchange losses
-1,383
-179
Total
-7,862
-6,253
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-294": { "value": "
9. Finance income and costs
1,000 EUR
2025
2024
Finance income
Interest income from loan receivables
1,073
1,582
Exchange gains
84
161
Other financing income
587
187
Total
1,744
1,930
Finance costs
Interest expenses for loans
-5,864
-5,213
Change of expected credit losses
-66
-2
Change in fair value of financial liabilities
0
-194
Other interest and finance expenses
-452
-548
Interest expense of lease liabilities (IFRS 16)
-95
-118
Exchange losses
-1,383
-179
Total
-7,862
-6,253
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-293": { "value": "
9. Finance income and costs
1,000 EUR
2025
2024
Finance income
Interest income from loan receivables
1,073
1,582
Exchange gains
84
161
Other financing income
587
187
Total
1,744
1,930
Finance costs
Interest expenses for loans
-5,864
-5,213
Change of expected credit losses
-66
-2
Change in fair value of financial liabilities
0
-194
Other interest and finance expenses
-452
-548
Interest expense of lease liabilities (IFRS 16)
-95
-118
Exchange losses
-1,383
-179
Total
-7,862
-6,253
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-292": { "value": "
9. Finance income and costs
1,000 EUR
2025
2024
Finance income
Interest income from loan receivables
1,073
1,582
Exchange gains
84
161
Other financing income
587
187
Total
1,744
1,930
Finance costs
Interest expenses for loans
-5,864
-5,213
Change of expected credit losses
-66
-2
Change in fair value of financial liabilities
0
-194
Other interest and finance expenses
-452
-548
Interest expense of lease liabilities (IFRS 16)
-95
-118
Exchange losses
-1,383
-179
Total
-7,862
-6,253
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-297": { "value": "
10. Income taxes
1,000 EUR
2025
2024
Current income tax
2,504
3,280
Taxes for previous years
-16
-25
Deferred taxes
\u00a0 Temporary differences
-1,186
-303
Total
1,303
2,952
Income tax reconcilliation
2025
2024
Profit before taxes
17,120
12,336
Tax calculated at the domestic corporation tax rate of 20%
3,424
2,467
Effect of different tax rates outside Finland
198
80
Tax exempt income
-2,249
-1,337
Performance share plan
147
5
Ohter non-deductible expenses
548
577
Unrecognized tax assets on tax losses and use of previously unrecognised tax losses
-685
1,082
Taxes for previous years
-7
-24
Other differences
-74
102
Income taxes in the Group Income Statement
1,303
2,952
19. Deferred tax assets and liabilities
Changes in deferred taxes during 2025:
1,000 EUR
31 December
2024
Charged to
Income
Statement
Translation
difference
Acquisitions
31 December
2025
Deferred tax assets
Accrued differences
1,733
111
0
0
1,844
Total
1,733
111
0
0
1,844
Deferred tax liabilities
Accrued differences
2,609
-199
-1
1,840
4,249
Unrealised fair value changes
5,928
-872
0
0
5,056
Total
8,537
-1,071
-1
1,840
9,305
Changes in deferred taxes during 2024:
1,000 EUR
31 December
2023
Charged to
Income
Statement
Translation
difference
Acquisitions
31 December
2024
Deferred tax assets
Accrued differences
1,896
-163
0
0
1,733
Total
1,896
-163
0
0
1,733
Deferred tax liabilities
Accrued differences
148
-246
-1
2,708
2,609
Unrealised fair value changes
5,843
-215
0
300
5,928
Total
5,991
-461
-1
3,008
8,537
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-298": { "value": "
11. Earnings per share
Undiluted earnings per share is calculated by dividing the distributable retained profit for the financial year by the average
share issue adjusted number of shares, excluding shares that have been purchased by the Company and are presented as
the Company\u2019s own shares. Undiluted earnings per share from continuing operations is calculated by dividing the
distributable retained profit for the financial year from continuing operations by the average share issue adjusted number
of shares, excluding shares that have been purchased by the Company and are presented as the Company\u2019s own shares.
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to
assume conversion of all dilutive potential ordinary shares.
2025
2024
Continuing and discontinued operations in total:
Result for the financial year, \u20ac ('000)
15,818
73,466
Result attributable to the non-controlling interest,\u00a0 \u20ac ('000)
-2,636
-4,893
Result attributable to the equity holders of the Company, \u20ac ('000)
13,182
68,573
Continuing operations:
Result for the financial year from continuing operations, \u20ac ('000)
15,818
9,385
Result attributable to the non-controlling interest from continuing operations,\u00a0 \u20ac ('000)
-2,636
-4,579
Result attributable to the equity holders of the Company from continuing operations, \u20ac
('000)
13,182
4,806
Weighted average number of shares ('000)
176,878
173,807
Treasury shares ('000)
-26
-26
Weighted average number of shares ('000)
176,852
173,781
Effect of share-based incentive plans ('000)
664
599
Weighted average number of shares adjusted for the effect of dilution ('000)
177,516
174,380
Earnings per share attributable to the equity holders of the Company:
Earnings per share (undiluted), cents
7.5
39.5
Earnings per share (diluted), cents
7.4
39.3
Earnings per share from continuing operations attributable to the equity holders of the
Company:
Earnings per share from continuing operations (undiluted), cents
7.5
2.8
Earnings per share from continuing operations (diluted), cents
7.4
2.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-301": { "value": "
12. Discontinued operations
On October 4, 2024, CapMan Plc signed an agreement with Proxer Bidco Oy to sell its ownership (92.7%) in subsidiary
CapMan Procurement Services (CaPS) Ltd (\u201cCaPS\u201d) together with subsidiary\u2019s non-controlling interest (7.3%). The transaction
was closed on October 31, 2024. Debt free purchase price was EUR 70 million, of which CapMan\u2019s share is EUR 64.9
million, and in addition, CapMan is entitled to a maximum of EUR 4.6 million earn-out consideration, subject to CaPS reaching
certain operating targets during 2025. At the moment, based on preliminary information, it seems unlikely that CaPS would
have reached these targets in 2025, and therefore no receivable has been recorded in relation to the earn-out consideration.
CapMan classified CaPS business as a discontinued operation in the income statement and restated the comparison
periods' income statement and segment information accordingly.
Below table summarises the income statement by line item from discontinued operations for the financial and
comparison year:
1,000 EUR
2025
2024
Discontinued operations
\u2013
9,533
Turnover, external
\u2013
3
Other operating income
\u2013
-4,390
Operating expenses
\u2013
5,146
Operating profit
\u2013
-7
Financial income and expenses
\u2013
60,025
Profit before taxes
\u2013
65,164
Income taxes
related to ordinary business
\u2013
-1,083
related to disposal
\u2013
0
Profit after taxes
\u2013
64,081
*less advisory and success fees
Below table sets forth the share of cash flows attributable to discontinued operations:
1,000 EUR
2025
2024
Cash flow from operating activities
\u2013
4,131
Cash flow from investing activities
\u2013
59,039
Cash flow from financing activities
\u2013
-628
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-300": { "value": "
12. Discontinued operations
On October 4, 2024, CapMan Plc signed an agreement with Proxer Bidco Oy to sell its ownership (92.7%) in subsidiary
CapMan Procurement Services (CaPS) Ltd (\u201cCaPS\u201d) together with subsidiary\u2019s non-controlling interest (7.3%). The transaction
was closed on October 31, 2024. Debt free purchase price was EUR 70 million, of which CapMan\u2019s share is EUR 64.9
million, and in addition, CapMan is entitled to a maximum of EUR 4.6 million earn-out consideration, subject to CaPS reaching
certain operating targets during 2025. At the moment, based on preliminary information, it seems unlikely that CaPS would
have reached these targets in 2025, and therefore no receivable has been recorded in relation to the earn-out consideration.
CapMan classified CaPS business as a discontinued operation in the income statement and restated the comparison
periods' income statement and segment information accordingly.
Below table summarises the income statement by line item from discontinued operations for the financial and
comparison year:
1,000 EUR
2025
2024
Discontinued operations
\u2013
9,533
Turnover, external
\u2013
3
Other operating income
\u2013
-4,390
Operating expenses
\u2013
5,146
Operating profit
\u2013
-7
Financial income and expenses
\u2013
60,025
Profit before taxes
\u2013
65,164
Income taxes
related to ordinary business
\u2013
-1,083
related to disposal
\u2013
0
Profit after taxes
\u2013
64,081
*less advisory and success fees
Below table sets forth the share of cash flows attributable to discontinued operations:
1,000 EUR
2025
2024
Cash flow from operating activities
\u2013
4,131
Cash flow from investing activities
\u2013
59,039
Cash flow from financing activities
\u2013
-628
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-299": { "value": "
12. Discontinued operations
On October 4, 2024, CapMan Plc signed an agreement with Proxer Bidco Oy to sell its ownership (92.7%) in subsidiary
CapMan Procurement Services (CaPS) Ltd (\u201cCaPS\u201d) together with subsidiary\u2019s non-controlling interest (7.3%). The transaction
was closed on October 31, 2024. Debt free purchase price was EUR 70 million, of which CapMan\u2019s share is EUR 64.9
million, and in addition, CapMan is entitled to a maximum of EUR 4.6 million earn-out consideration, subject to CaPS reaching
certain operating targets during 2025. At the moment, based on preliminary information, it seems unlikely that CaPS would
have reached these targets in 2025, and therefore no receivable has been recorded in relation to the earn-out consideration.
CapMan classified CaPS business as a discontinued operation in the income statement and restated the comparison
periods' income statement and segment information accordingly.
Below table summarises the income statement by line item from discontinued operations for the financial and
comparison year:
1,000 EUR
2025
2024
Discontinued operations
\u2013
9,533
Turnover, external
\u2013
3
Other operating income
\u2013
-4,390
Operating expenses
\u2013
5,146
Operating profit
\u2013
-7
Financial income and expenses
\u2013
60,025
Profit before taxes
\u2013
65,164
Income taxes
related to ordinary business
\u2013
-1,083
related to disposal
\u2013
0
Profit after taxes
\u2013
64,081
*less advisory and success fees
Below table sets forth the share of cash flows attributable to discontinued operations:
1,000 EUR
2025
2024
Cash flow from operating activities
\u2013
4,131
Cash flow from investing activities
\u2013
59,039
Cash flow from financing activities
\u2013
-628
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-302": { "value": "
13. Acquisitions
Acquisition of CAERUS Debt Investments AG in 2025
On 31 July 2025, CapMan completed the acquisition of 51% ownership interest in CAERUS Debt Investments AG
(\"CAERUS\") and launched a new investment area CapMan Real Asset Debt.
The transaction was based on an equity valuation of up to EUR 13 million for 100% ownership interest in CAERUS,
including a potential earn-out consideration. The upfront consideration for 51% ownership interest paid in cash on the
closing date was EUR 4.2 million. In addition, subject to CAERUS reaching certain operational targets during 2026, an
earn-out consideration of up to EUR 2.6 million will be paid in cash.
CAERUS was founded in 2012 as one of the first real estate debt investment managers in Germany. A team of 12
investment professionals offers tailored real estate debt financing across nearly all real estate segments with a focus on
the DACH (Germany, Austria and Switzerland) and Benelux-region. CAERUS has seven active funds at the moment. With
its long presence in the market and strong track-record, CAERUS has demonstrated its expertise in sourcing and selecting
attractive investment opportunities for investors.
Resulting from the transaction, CapMan expands its presence to a new geographical area, and the provisional goodwill of
EUR 2.4 million arising from the transaction is primarily attributable to CAERUS' professional workforce and future
customers. The acquisition also brings local expertise and market knowledge of Central Europe, strengthens CapMan's
presence there, and contributes to CapMan's growth strategy. Only a small portion of goodwill is attributable to cost
synergies. Goodwill will not be tax-deductible.
As of the acquisition date, July 31, 2025, CAERUS has been consolidated into CapMan's consolidated financial
statements in full. Consolidated income statement includes EUR 2.3 million of revenue, of which EUR 1.5 million is fee
income and EUR 0.8 million is carried interest, and EUR 0.2 million of fee profit and EUR 0.4 million of profit for the
financial year from CAERUS as of July 31st, 2025. Had CAERUS been consolidated from January 1, 2025, consolidated
income statement for the full financial year 2025 would show combined revenue of EUR 67.7 million (of which
CAERUS: MEUR 7.0), of which fee income of EUR 61.4 million (CAERUS: MEUR 4.1), and combined net profit of EUR
13.4 million (CAERUS: MEUR 0.5).
The expenses arising from the acquisition, EUR 0.4 million, have been included in line item Other operating expenses of
the consolidated income statement and classified as items impacting comparability.
The purchase price allocation is provisional. The following table summarises the consideration, the fair value of
identifiable assets and liabilities assumed at the acquisition date, and the arising goodwill.
1,000 EUR
Fair value
Consideration
Up-front cash consideration
4,188
Estimated earn-out consideration
904
Total consideration
5,091
ASSETS
Non-current assets
Customer-related intangibles
5,302
Marketing-related intangibles
595
Other intangible assets
0
Tangible assets
26
Right-of-use assets
383
Investments at fair value through profit and loss
5
6,312
Current assets
Receivables and accruals
665
Cash and cash equivalents
3,272
3,937
Total assets
10,249
LIABILITIES
Non-current liabilities
Leasing liabilities
263
Deferred tax liabilities
1,842
2,105
Current liabilities
Trade payables and accruals
2,440
Leasing liabilities
120
Current tax liabilities
277
2,836
Total liabilities
4,942
1,000 EUR
Fair value
Non-controlling interest (\"NCI\")*
2,601
Net assets (excl. goodwill)
2,707
Total consideration
5,091
Goodwill
2,385
* measured at proportionate share of acquiree\u2019s identifiable net assets
The below table specificies the cash flow impact of the acquisition, reflected in cash flow from investing activities:
1,000 EUR
Cash consideration
-4,188
Transaction costs
-436
Net cash acquired with the subsidiary
3,272
Acquisition of subsidiaries, net of cash
-1,352
Acquisition of Dasos Capital in 2024
On 1 March 2024, CapMan completed the acquisition of all the shares of Dasos Capital Oy. As of the acquisition date,
Dasos Capital has been consolidated into CapMan's consolidated financial statements in full. The purchase price was
paid by executing a directed issue of 17,672,761 new CapMan shares to the owners of Dasos Capital Oy, representing
approximately 10.0% ownership in CapMan, and by a cash consideration of EUR 3.0 million. Fair value of the issued
shares amounted to EUR 34.4 million. In addition, CapMan has committed to paying an additional earn-out
consideration of a maximum EUR 5 million based on management fee turnover incurred in 2025 and 2026, payable
when the management fees of the funds managed by Dasos exceed certain limits. The additional consideration will be
paid later in 2026 and 2027 in CapMan\u2019s shares.
Dasos Capital Oy is a leading timberland and natural capital investment asset manager in Europe and a significant player
globally. Dasos focuses on managing sustainable timberland investments, natural sites and forest carbon sinks, as well as
developing value in Europe and emerging markets. The investors in the funds managed by Dasos are domestic and
foreign institutions, mainly pension and insurance companies. The acquisition supports CapMan\u2019s vision of becoming the
most responsible private asset company in the Nordics and significantly promotes CapMan\u2019s strategic objective to
increase assets under management to EUR 10 billion during the ongoing strategy period.
The goodwill arising from the acquisition was EUR 22.2 million and was mainly attributable to Dasos' professional
workforce, future customers and products, CapMan's cross-selling opportunities, and synergies. Dasos Capital forms
CapMan's new investment area Natural Capital.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-303": { "value": "
14. Tangible assets
1,000 EUR
2025
2024
Machinery and equipment
Acquisition cost at 1 January
2,532
2,521
Acquisitions (see Note 13)
26
3
Additions
9
11
Translation difference
5
-3
Acquisition cost at 31 December
2,572
2,532
Accumulated depreciation at 1 January
-2,408
-2,334
Depreciations
-50
-76
Translation difference
-4
2
Accumulated depreciation at 31 December
-2,462
-2,408
Book value on 31 December
110
124
Right-of-use assets
Machinery and equipment (IFRS 16)
Additions
55
0
Depreciations, continuing operations
-12
0
Book value on 31 December
43
0
Leased premises (IFRS 16)
Additions
4,417
151
Depreciations, continuing operations
-1,346
-1,211
Depreciations, discontinuing operations
0
-87
Book value on 31 December
6,238
2,785
Other tangible assets
Acquisition cost at 1 January
23
23
Book value on 31 December
23
23
Tangible assets total
6,415
2,932
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-305": { "value": "
15. Goodwill
1,000 EUR
2025
2024
Acquisition cost at 1 January
42,830
20,581
Acquisitions (see Note 13)
2,385
22,249
Acquisition cost at 31 December
42,832
42,830
Accumulated impairment at 1 January
-12,695
-12,695
Accumulated impairment\u00a0 at 31 December
-12,695
-12,695
Book value on 31 December
32,520
30,135
Impairment test
Goodwill is tested for impairment at least annually and has been allocated to the cash-generating units as follows:
1,000 EUR
2025
2024
CapMan Wealth
7,412
7,412
Natural Capital
22,249
22,249
Real Asset Debt
2,385
0
Other
474
474
Total
32,520
30,135
CapMan Wealth
Recoverable amount of CapMan Wealth (previously CapMan Wealth Services) is based on value-in-use using five-year
discounted cash flow projections based on a business plan approved by the management. Future cash flows arising from
additional turnover generated by increased personnel, and thus extending the operations and enhancing the performance,
have been excluded from the cash flow projections applied in the impairment test. Cash flows for the period extending
over the planning period are calculated using the terminal value method. Key assumptions applied in the impairment test
are set forth in the table below:
2025
2024
Pre-tax discount rate
16.6%
19.0%
Average turnover growth
11.2%
14.3%
Average EBIT margin
35.1%
21.7%
Terminal growth rate
2.0%
2.0%
Natural Capital
Dasos Capital, which was acquired during the previous financial year (see Note 13), forms a cash-generating unit Natural
Capital, onto which goodwill of EUR 22.2 million has been allocated. Recoverable amount of Natural Capital is based on
value-in-use using five-year discounted cash flow projections based on a business plan approved by the management.
Cash flows for the period extending over the planning period are calculated using the terminal value method. Key
assumptions applied in the impairment test are set forth in the table below:
2025
2024
Pre-tax discount rate
14.0%
15.6%
Average turnover growth
10.9%
13.3%
Average EBIT margin
48.4%
52.0%
Terminal growth rate
2.0%
2.0%
Real Asset Debt
CAERUS Debt Investments AG, which was acquired during the financial year (see Note 13), establishes a new cash-
generating unit Real Asset Debt, onto which goodwill of EUR 2.4 million has been allocated. Recoverable amount of Real
Asset Debt is based on value-in-use using five-year discounted cash flow projections based on a business plan approved
by the management. Cash flows for the period extending over the planning period are calculated using the terminal value
method. Key assumptions applied in the impairment test are set forth in the table below:
2025
2024
Pre-tax discount rate
15.2%
\u2013
Average turnover growth
7.1%
\u2013
Average EBIT margin
20.5%
\u2013
Terminal growth rate
2.0%
\u2013
Discount rate takes into account listed domestic and foreign asset and wealth managers as a benchmark group. Cost of
equity includes risk premiums for local market areas and company size. As a risk-free rate, a reference rate of Germany
30-year government bonds has been applied. Based on the impairment test, none of goodwill allocated to any cash-
generating unit was impaired, and recoverable amounts of cash-generating units CapMan Wealth, Natural Capital and
Real Asset Debt exceed their carrying amounts by approximately EUR 10.1 million, EUR 3.8 million and EUR 1.0
million, respectively.
Of key assumptions applied in CapMan Wealth's impairment test, recoverable amount is sensitive to revenue growth
during the explicit forecasting period (5 years). Based on the sensitivity analysis, if revenue growth during the explicit
forecasting period would be 7 %-points lower per annum, recoverable amount would equal the carrying amount of the
respective cash-generating unit. No reasonably possible change in any of the other key assumptions would lead to
impairment.
Of key assumptions applied in Natural Capital's impairment test, recoverable amount is sensitive to changes in discount
rate, EBIT margin and revenue growth rate. Based on the sensitivity analysis, if discount rate would be 1.3 %-points
higher, average EBIT margin 4.8 %-points lower, or alternatively, if revenue growth during the explicit forecasting period
would be 0.2 %-points lower, recoverable amount would equal the carrying amount of the respective cash-generating
unit. No reasonably possible change in any of the other key assumptions would lead to impairment.
Of key assumptions applied in Real Asset Debt's impairment test, recoverable amount is sensitive to changes in discount
rate and EBIT margin. Based on the sensitivity analysis, if discount rate would be 2.1 %-points higher or alternatively
average EBIT margin 2.4 %-points lower, recoverable amount would equal the carrying amount of the respective cash-
generating unit. No reasonably possible change in any of the other key assumptions would lead to impairment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-304": { "value": "
15. Goodwill
1,000 EUR
2025
2024
Acquisition cost at 1 January
42,830
20,581
Acquisitions (see Note 13)
2,385
22,249
Acquisition cost at 31 December
42,832
42,830
Accumulated impairment at 1 January
-12,695
-12,695
Accumulated impairment\u00a0 at 31 December
-12,695
-12,695
Book value on 31 December
32,520
30,135
Impairment test
Goodwill is tested for impairment at least annually and has been allocated to the cash-generating units as follows:
1,000 EUR
2025
2024
CapMan Wealth
7,412
7,412
Natural Capital
22,249
22,249
Real Asset Debt
2,385
0
Other
474
474
Total
32,520
30,135
CapMan Wealth
Recoverable amount of CapMan Wealth (previously CapMan Wealth Services) is based on value-in-use using five-year
discounted cash flow projections based on a business plan approved by the management. Future cash flows arising from
additional turnover generated by increased personnel, and thus extending the operations and enhancing the performance,
have been excluded from the cash flow projections applied in the impairment test. Cash flows for the period extending
over the planning period are calculated using the terminal value method. Key assumptions applied in the impairment test
are set forth in the table below:
2025
2024
Pre-tax discount rate
16.6%
19.0%
Average turnover growth
11.2%
14.3%
Average EBIT margin
35.1%
21.7%
Terminal growth rate
2.0%
2.0%
Natural Capital
Dasos Capital, which was acquired during the previous financial year (see Note 13), forms a cash-generating unit Natural
Capital, onto which goodwill of EUR 22.2 million has been allocated. Recoverable amount of Natural Capital is based on
value-in-use using five-year discounted cash flow projections based on a business plan approved by the management.
Cash flows for the period extending over the planning period are calculated using the terminal value method. Key
assumptions applied in the impairment test are set forth in the table below:
2025
2024
Pre-tax discount rate
14.0%
15.6%
Average turnover growth
10.9%
13.3%
Average EBIT margin
48.4%
52.0%
Terminal growth rate
2.0%
2.0%
Real Asset Debt
CAERUS Debt Investments AG, which was acquired during the financial year (see Note 13), establishes a new cash-
generating unit Real Asset Debt, onto which goodwill of EUR 2.4 million has been allocated. Recoverable amount of Real
Asset Debt is based on value-in-use using five-year discounted cash flow projections based on a business plan approved
by the management. Cash flows for the period extending over the planning period are calculated using the terminal value
method. Key assumptions applied in the impairment test are set forth in the table below:
2025
2024
Pre-tax discount rate
15.2%
\u2013
Average turnover growth
7.1%
\u2013
Average EBIT margin
20.5%
\u2013
Terminal growth rate
2.0%
\u2013
Discount rate takes into account listed domestic and foreign asset and wealth managers as a benchmark group. Cost of
equity includes risk premiums for local market areas and company size. As a risk-free rate, a reference rate of Germany
30-year government bonds has been applied. Based on the impairment test, none of goodwill allocated to any cash-
generating unit was impaired, and recoverable amounts of cash-generating units CapMan Wealth, Natural Capital and
Real Asset Debt exceed their carrying amounts by approximately EUR 10.1 million, EUR 3.8 million and EUR 1.0
million, respectively.
Of key assumptions applied in CapMan Wealth's impairment test, recoverable amount is sensitive to revenue growth
during the explicit forecasting period (5 years). Based on the sensitivity analysis, if revenue growth during the explicit
forecasting period would be 7 %-points lower per annum, recoverable amount would equal the carrying amount of the
respective cash-generating unit. No reasonably possible change in any of the other key assumptions would lead to
impairment.
Of key assumptions applied in Natural Capital's impairment test, recoverable amount is sensitive to changes in discount
rate, EBIT margin and revenue growth rate. Based on the sensitivity analysis, if discount rate would be 1.3 %-points
higher, average EBIT margin 4.8 %-points lower, or alternatively, if revenue growth during the explicit forecasting period
would be 0.2 %-points lower, recoverable amount would equal the carrying amount of the respective cash-generating
unit. No reasonably possible change in any of the other key assumptions would lead to impairment.
Of key assumptions applied in Real Asset Debt's impairment test, recoverable amount is sensitive to changes in discount
rate and EBIT margin. Based on the sensitivity analysis, if discount rate would be 2.1 %-points higher or alternatively
average EBIT margin 2.4 %-points lower, recoverable amount would equal the carrying amount of the respective cash-
generating unit. No reasonably possible change in any of the other key assumptions would lead to impairment.
16. Other intangible assets
1,000 EUR
2025
2024
Acquisition cost at 1 January
20,187
6,616
Acquisitions (see Note 13)
5,897
13,538
Additions
0
33
Acquisition cost at 31 December
26,084
20,187
Accumulated depreciation at 1 January
-7,798
-6,605
Depreciation for the financial year
-1,626
-1,161
0
-32
Accumulated depreciation at 31 December
-9,424
-7,798
Book value on 31 December
16,660
12,388
Other intangible assets include customer- and marketing-related intangible assets received in conjunction with the
acquisition of both CAERUS during the financial year and Dasos Capital during the previous financial year (see Note 13).
The useful life and amortization of customer related intangible assets is 10 years and of marketing assets is 5-10 years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-306": { "value": "
16. Other intangible assets
1,000 EUR
2025
2024
Acquisition cost at 1 January
20,187
6,616
Acquisitions (see Note 13)
5,897
13,538
Additions
0
33
Acquisition cost at 31 December
26,084
20,187
Accumulated depreciation at 1 January
-7,798
-6,605
Depreciation for the financial year
-1,626
-1,161
0
-32
Accumulated depreciation at 31 December
-9,424
-7,798
Book value on 31 December
16,660
12,388
Other intangible assets include customer- and marketing-related intangible assets received in conjunction with the
acquisition of both CAERUS during the financial year and Dasos Capital during the previous financial year (see Note 13).
The useful life and amortization of customer related intangible assets is 10 years and of marketing assets is 5-10 years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-307": { "value": "
18. Receivables \u2013 Non-current
1,000 EUR
2025
2024
Trade receivables
2,134
3,426
Loan receivables
3,207
3,541
Other receivables
84
84
Total
5,426
7,052
Non-current trade receivables are related to previously offered fundraising and advisory services. Because of the
significant financing component related to these receivables, the promised amount of consideration has been adjusted for
the effects of the time value of money and the credit characteristics of the customer. However, no contract assets are
related to these customer contracts, as the Group\u2019s right to the amount of consideration is unconditional and subject only
to the passage of time.
Loan receivables primarily include loans granted to investment teams for co-investments.
Allowance for expected credit losses of loan receivables is presented below separately for portion measured at an amount
equal to 12-month and lifetime expected credit losses.
As at December 31, 2025 and 2024, loss allowance measured at an amount equal to lifetime expected credit losses is
fully related to credit-impaired loan receivables from entities controlled by the former or current investment teams, and
granted for making co-investments in funds managed by CapMan. The most significant credit-impaired loan receivables are
from entities controlled by the former CapMan Russia investment team. CapMan has determined these loan receivables
being credit-impaired, because the underlying funds have filed for liquidation and it seems not probable that the loans and
accrued interests would be repaid to CapMan in full. The other credit-impaired loan receivables are related to loans
granted to making co-investments to such funds, whose carry potential is estimated to be low, and therefore, CapMan has
determined it seems not probable that the borrowing entity would repay these loans and accrued interests in full.
1,000 EUR
2025
2024
Loan receivables, gross
4,856
5,190
Loss allowance, 12-month ECL*
-68
-68
Loss allowance, lifetime ECL*
-1,581
-1,581
Loan receivables, net
3,207
3,541
*ECL = expected credit losses
Other non-currrent receivables include primarily rental deposits.
20. Trade and other receivables
1,000 EUR
2025
2024
Trade receivables
16,709
9,621
Loan receivables
1,376
254
Accrued income
1,889
1,783
Other receivables
11,044
15,702
Total
31,017
27,360
Loss allowance for the expected credit losses of trade receivables, based on a provision matrix, is presented below.
1,000 EUR
2025
2024
Trade receivables, gross
16,899
9,727
Loss allowance
-191
-106
Trade receivables, net
16,709
9,621
Expected credit losses of other receivables measured at amortised cost is insignificant, and other receivables at amortised
cost do not contain credit-impaired items.
With regards to contracts with customers, the Group\u2019s right to the amount of consideration is unconditional. Therefore,
they are presented as receivables and no separate contract asset is presented.
Loan receivables include mainly current loan receivables from related parties and other employees.
Accrued income includes mainly prepayments.
Other receivables mainly include unvoiced sale of services, costs to be re-invoiced, income tax receivables and
receivables related to sold financial assets.
Trade and other receivables by currency at end of year
Trade and other receivables
Amount in foreign
currency
Amount in euros
proportion
EUR
24,900
68 %
USD
3,779
3,216
9 %
SEK
43,212
3,993
11 %
GBP
117
134
0 %
DKK
26,544
3,554
10 %
NOK
7,658
647
2 %
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-308": { "value": "
Allowance for expected credit losses of loan receivables is presented below separately for portion measured at an amount
equal to 12-month and lifetime expected credit losses.
As at December 31, 2025 and 2024, loss allowance measured at an amount equal to lifetime expected credit losses is
fully related to credit-impaired loan receivables from entities controlled by the former or current investment teams, and
granted for making co-investments in funds managed by CapMan. The most significant credit-impaired loan receivables are
from entities controlled by the former CapMan Russia investment team. CapMan has determined these loan receivables
being credit-impaired, because the underlying funds have filed for liquidation and it seems not probable that the loans and
accrued interests would be repaid to CapMan in full. The other credit-impaired loan receivables are related to loans
granted to making co-investments to such funds, whose carry potential is estimated to be low, and therefore, CapMan has
determined it seems not probable that the borrowing entity would repay these loans and accrued interests in full.
1,000 EUR
2025
2024
Loan receivables, gross
4,856
5,190
Loss allowance, 12-month ECL*
-68
-68
Loss allowance, lifetime ECL*
-1,581
-1,581
Loan receivables, net
3,207
3,541
*ECL = expected credit losses
Loss allowance for the expected credit losses of trade receivables, based on a provision matrix, is presented below.
1,000 EUR
2025
2024
Trade receivables, gross
16,899
9,727
Loss allowance
-191
-106
Trade receivables, net
16,709
9,621
Expected credit losses of other receivables measured at amortised cost is insignificant, and other receivables at amortised
cost do not contain credit-impaired items.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-309": { "value": "
19. Deferred tax assets and liabilities
Changes in deferred taxes during 2025:
1,000 EUR
31 December
2024
Charged to
Income
Statement
Translation
difference
Acquisitions
31 December
2025
Deferred tax assets
Accrued differences
1,733
111
0
0
1,844
Total
1,733
111
0
0
1,844
Deferred tax liabilities
Accrued differences
2,609
-199
-1
1,840
4,249
Unrealised fair value changes
5,928
-872
0
0
5,056
Total
8,537
-1,071
-1
1,840
9,305
Changes in deferred taxes during 2024:
1,000 EUR
31 December
2023
Charged to
Income
Statement
Translation
difference
Acquisitions
31 December
2024
Deferred tax assets
Accrued differences
1,896
-163
0
0
1,733
Total
1,896
-163
0
0
1,733
Deferred tax liabilities
Accrued differences
148
-246
-1
2,708
2,609
Unrealised fair value changes
5,843
-215
0
300
5,928
Total
5,991
-461
-1
3,008
8,537
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-310": { "value": "
20. Trade and other receivables
1,000 EUR
2025
2024
Trade receivables
16,709
9,621
Loan receivables
1,376
254
Accrued income
1,889
1,783
Other receivables
11,044
15,702
Total
31,017
27,360
With regards to contracts with customers, the Group\u2019s right to the amount of consideration is unconditional. Therefore,
they are presented as receivables and no separate contract asset is presented.
Loan receivables include mainly current loan receivables from related parties and other employees.
Accrued income includes mainly prepayments.
Other receivables mainly include unvoiced sale of services, costs to be re-invoiced, income tax receivables and
receivables related to sold financial assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-311": { "value": "
21. Financial assets at fair value through profit or loss
1,000 EUR
2025
2024
Derivate assets
20
0
Interest rate funds
3,509
3,790
Total
3,529
3,790
Fair value of derivative instruments
Foreign exchange forwards
20
-77
Total
20
-77
Nominal value of derivative instruments
Foreign exchange forwards
3,157
4,484
Total
3,157
4,484
Financial assets at fair value through profit or loss include derivative assets and short-term investments made for cash
management purposes in interest rate funds. CapMan uses short-term derivative instruments to hedge against currency
changes in foreign currency denominated trade receivables. CapMan does not apply hedge accounting to derivative
instruments and derivatives are initially measured at costs and thereafter to fair value at the end of the reporting period.
Fair values of derivatives are based on market values or values derived from market values at the end of the reporting
period (fair value hierarchy level 2). Translation difference incurred to foreign currency denominated trade receivables is
recognised to turnover and that fair value change of the derivative instrument that is effectively hedging the underlying
trade receivable, is recorded to turnover and the remainder of the derivative\u2019s fair value change is recorded to financial
expenses. In the comparison period, no derivative instruments were used.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-312": { "value": "
22. Cash and cash equivalents
1,000 EUR
2025
2024
Bank accounts
50,717
78,756
Money market funds
10,254
11,386
Total
60,971
90,142
Cash and cash equivalents include bank accounts and short-term investments made to money market funds for cash
management purposes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-313": { "value": "
Cash and cash equivalents include bank accounts and short-term investments made to money market funds for cash
management purposes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-315": { "value": "
23. Share capital and shares
1,000
Number of B-shares
Total
At 1 January 2024
158,823
158,823
Directed share issue related to business combination
17,673
17,673
Share-based incentive plan, directed share issue without payment
356
356
At 31 December 2024
176,852
176,852
At 31 December 2025
176,852
176,852
*Excluding treasury shares of 26,299.
1,000 EUR
Share capital
Share premium
account
Other reserves
Total
At 1 January 2024
772
38,968
21,114
60,854
Directed share issue related to business combination
0
34,427
At 31 December 2024
35,199
38,968
21,114
95,281
At 31 December 2025
35,199
38,968
21,114
95,281
Share capital and other reserves
There were no changes in share capital, share premium nor other reserves during the period. During the previous year,
part of the purchase price of the acquisition of Dasos Capital Oy was made by directed share issue, which increased the
amount of shares and share capital. In addition, reward payment of the performance share plan 2022-25 resulted in a
directed share issue of 356 062 new shares without payment.
Share-based incentive plans are presented in Note 30. Share-based payments.
Translation difference
The foreign currency translation reserve includes translation differences arising from currency conversion in the closing of
the books for foreign units.
Dividends paid and proposal for profit distribution and repayment of capital
The Annual General Meeting, held on 25 March 2025, decided that a dividend of EUR 0.07 per share, totalling EUR
12.4 million, will be paid for the financial year 2024. The dividend was paid on April 3, 2025. The Annual General
Meeting also authorised the Board of Directors to decide on an additional dividend in the maximum of EUR 0.07 per
share or EUR 12.4 million in total. The Board of Directors resolved on the additional dividend of EUR 0.07 per share on
September 15, 2025, and a total of EUR 12.4 million was paid on September 24, 2025.
As at December 31, 2025, CapMan Plc's distributable funds amounted to approximately EUR 85.2 million. The Board of
Directors\u2019 resolution proposal to the General Meeting is a combined proposal of a dividend distribution and an
authorisation for the Board of Directors to decide on distribution of an additional dividend. The Board of Directors expects
the overall dividend distribution to be EUR 0.12 per share, or EUR 21.2 million in total, for the financial period ended
31 December 2025. The Board of Directors proposes to the General Meeting that a dividend in the total amount of EUR
0.06 per share would be paid for the financial period that ended on 31 December 2025 based on the balance sheet
adopted for 2025. The dividend would be paid to a shareholder who on the record date of the payment, 27 March 2026,
is registered as a shareholder in the shareholders\u2019 register of the Company maintained by Euroclear Finland Oy. The
payment date would be 8 April 2026. The Board of Directors further proposes to the General Meeting that the Board of
Directors be authorised to decide on an additional dividend in the maximum amount of EUR 0.06 per share. The
authorisation would be effective until the end of the next Annual General Meeting. The Board of Directors intends to
resolve on the additional dividend in its meeting scheduled for 8 September 2026.
Redemption obligation clause
A shareholder whose share of the entire share capital or the voting rights of the Company reaches or exceeds 33.3% or
50% has, at the request of other shareholders, the obligation to redeem his or her shares and related securities in
accordance with the Articles of Association of CapMan Plc.
Ownership and voting rights agreements
As at 31 December 2025 CapMan Plc had no knowledge of agreements or arrangements, related to the Company\u2019s
ownership and voting rights, that were apt to have substantial impact on the share value of CapMan Plc.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-314": { "value": "
23. Share capital and shares
1,000
Number of B-shares
Total
At 1 January 2024
158,823
158,823
Directed share issue related to business combination
17,673
17,673
Share-based incentive plan, directed share issue without payment
356
356
At 31 December 2024
176,852
176,852
At 31 December 2025
176,852
176,852
*Excluding treasury shares of 26,299.
1,000 EUR
Share capital
Share premium
account
Other reserves
Total
At 1 January 2024
772
38,968
21,114
60,854
Directed share issue related to business combination
0
34,427
At 31 December 2024
35,199
38,968
21,114
95,281
At 31 December 2025
35,199
38,968
21,114
95,281
Share capital and other reserves
There were no changes in share capital, share premium nor other reserves during the period. During the previous year,
part of the purchase price of the acquisition of Dasos Capital Oy was made by directed share issue, which increased the
amount of shares and share capital. In addition, reward payment of the performance share plan 2022-25 resulted in a
directed share issue of 356 062 new shares without payment.
Share-based incentive plans are presented in Note 30. Share-based payments.
Translation difference
The foreign currency translation reserve includes translation differences arising from currency conversion in the closing of
the books for foreign units.
Dividends paid and proposal for profit distribution and repayment of capital
The Annual General Meeting, held on 25 March 2025, decided that a dividend of EUR 0.07 per share, totalling EUR
12.4 million, will be paid for the financial year 2024. The dividend was paid on April 3, 2025. The Annual General
Meeting also authorised the Board of Directors to decide on an additional dividend in the maximum of EUR 0.07 per
share or EUR 12.4 million in total. The Board of Directors resolved on the additional dividend of EUR 0.07 per share on
September 15, 2025, and a total of EUR 12.4 million was paid on September 24, 2025.
As at December 31, 2025, CapMan Plc's distributable funds amounted to approximately EUR 85.2 million. The Board of
Directors\u2019 resolution proposal to the General Meeting is a combined proposal of a dividend distribution and an
authorisation for the Board of Directors to decide on distribution of an additional dividend. The Board of Directors expects
the overall dividend distribution to be EUR 0.12 per share, or EUR 21.2 million in total, for the financial period ended
31 December 2025. The Board of Directors proposes to the General Meeting that a dividend in the total amount of EUR
0.06 per share would be paid for the financial period that ended on 31 December 2025 based on the balance sheet
adopted for 2025. The dividend would be paid to a shareholder who on the record date of the payment, 27 March 2026,
is registered as a shareholder in the shareholders\u2019 register of the Company maintained by Euroclear Finland Oy. The
payment date would be 8 April 2026. The Board of Directors further proposes to the General Meeting that the Board of
Directors be authorised to decide on an additional dividend in the maximum amount of EUR 0.06 per share. The
authorisation would be effective until the end of the next Annual General Meeting. The Board of Directors intends to
resolve on the additional dividend in its meeting scheduled for 8 September 2026.
Redemption obligation clause
A shareholder whose share of the entire share capital or the voting rights of the Company reaches or exceeds 33.3% or
50% has, at the request of other shareholders, the obligation to redeem his or her shares and related securities in
accordance with the Articles of Association of CapMan Plc.
Ownership and voting rights agreements
As at 31 December 2025 CapMan Plc had no knowledge of agreements or arrangements, related to the Company\u2019s
ownership and voting rights, that were apt to have substantial impact on the share value of CapMan Plc.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-316": { "value": "ther reserves
There were no changes in share capital, share premium nor other reserves during the period. During the previous year,
part of the purchase price of the acquisition of Dasos Capital Oy was made by directed share issue, which increased the
amount of shares and share capital. In addition, reward payment of the performance share plan 2022-25 resulted in a
directed share issue of 356 062 new shares without payment.
Share-based incentive plans are presented in Note 30. Share-based payments.
Translation difference
The foreign currency translation reserve includes translation differences arising from currency conversion in the closing of
the books for foreign units.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-317": { "value": "
Dividends paid and proposal for profit distribution and repayment of capital
The Annual General Meeting, held on 25 March 2025, decided that a dividend of EUR 0.07 per share, totalling EUR
12.4 million, will be paid for the financial year 2024. The dividend was paid on April 3, 2025. The Annual General
Meeting also authorised the Board of Directors to decide on an additional dividend in the maximum of EUR 0.07 per
share or EUR 12.4 million in total. The Board of Directors resolved on the additional dividend of EUR 0.07 per share on
September 15, 2025, and a total of EUR 12.4 million was paid on September 24, 2025.
As at December 31, 2025, CapMan Plc's distributable funds amounted to approximately EUR 85.2 million. The Board of
Directors\u2019 resolution proposal to the General Meeting is a combined proposal of a dividend distribution and an
authorisation for the Board of Directors to decide on distribution of an additional dividend. The Board of Directors expects
the overall dividend distribution to be EUR 0.12 per share, or EUR 21.2 million in total, for the financial period ended
31 December 2025. The Board of Directors proposes to the General Meeting that a dividend in the total amount of EUR
0.06 per share would be paid for the financial period that ended on 31 December 2025 based on the balance sheet
adopted for 2025. The dividend would be paid to a shareholder who on the record date of the payment, 27 March 2026,
is registered as a shareholder in the shareholders\u2019 register of the Company maintained by Euroclear Finland Oy. The
payment date would be 8 April 2026. The Board of Directors further proposes to the General Meeting that the Board of
Directors be authorised to decide on an additional dividend in the maximum amount of EUR 0.06 per share. The
authorisation would be effective until the end of the next Annual General Meeting. The Board of Directors intends to
resolve on the additional dividend in its meeting scheduled for 8 September 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-318": { "value": "
24. Interest-bearing loans and borrowings
1,000 EUR
2025
2024
Senior bonds
99,718
99,607
Lease liabilities (IFRS 16)
5,347
1,655
Total
105,064
101,262
During the previous year, CapMan issued unsecured sustainability-linked notes in the aggregate principal amount of EUR
60 million. The notes will mature on June 10, 2029 and carry a fixed annual interest of 6.5%. On the balance sheet
date, CapMan also has unsecured sustainability-linked notes in the aggregate principal amount of EUR 40 million issued
in April 2022, which will mature on April 13, 2027 and carry a fixed annual interest of 4.5% paid annually.
27. Interest-bearing loans and borrowings \u2013 Current
1,000 EUR
2025
2024
Lease liabilities (IFRS 16)
1,077
1,271
Total
1,077
1,271
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-320": { "value": "
25. Other non-current liabilities
1,000 EUR
2025
2024
Liabilities related to business acquisitions
904
0
Other liabilities
929
547
Total
1,833
547
Other liabilities are non-interest bearing and are related to pension obligations, which are defined contribution plans by
nature.
26. Trade and other payables \u2013 Current
1,000 EUR
2025
2024
Trade payables
1,422
1,284
Advance payments received
1
83
Accrued expenses
19,054
16,208
Derivative liabilities
0
77
Other liabilities
3,763
1,725
Total
24,240
19,378
The maturity of trade payables is normal terms of trade and don\u2019t include overdue payments.
Advance payments received are liabilities based on customer contracts.
The most significant items in accrued expenses relate to accrued salaries and social benefit expenses.
Trade and other liabilities by currency at end of year
Trade and other liabilities
Amount in
foreign currency
Amount in euros
Proportion
EUR
18,226
75%
SEK
35,009
3,235
13%
GBP
630
722
3%
DKK
13,288
1,779
7%
NOK
3,298
278
1%
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-319": { "value": "
25. Other non-current liabilities
1,000 EUR
2025
2024
Liabilities related to business acquisitions
904
0
Other liabilities
929
547
Total
1,833
547
Other liabilities are non-interest bearing and are related to pension obligations, which are defined contribution plans by
nature.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-321": { "value": "
26. Trade and other payables \u2013 Current
1,000 EUR
2025
2024
Trade payables
1,422
1,284
Advance payments received
1
83
Accrued expenses
19,054
16,208
Derivative liabilities
0
77
Other liabilities
3,763
1,725
Total
24,240
19,378
The maturity of trade payables is normal terms of trade and don\u2019t include overdue payments.
Advance payments received are liabilities based on customer contracts.
The most significant items in accrued expenses relate to accrued salaries and social benefit expenses.
Trade and other liabilities by currency at end of year
Trade and other liabilities
Amount in
foreign currency
Amount in euros
Proportion
EUR
18,226
75%
SEK
35,009
3,235
13%
GBP
630
722
3%
DKK
13,288
1,779
7%
NOK
3,298
278
1%
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-322": { "value": "
26. Trade and other payables \u2013 Current
1,000 EUR
2025
2024
Trade payables
1,422
1,284
Advance payments received
1
83
Accrued expenses
19,054
16,208
Derivative liabilities
0
77
Other liabilities
3,763
1,725
Total
24,240
19,378
The maturity of trade payables is normal terms of trade and don\u2019t include overdue payments.
Advance payments received are liabilities based on customer contracts.
The most significant items in accrued expenses relate to accrued salaries and social benefit expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-323": { "value": "
1,000 EUR
2025
2024
Trade payables
1,422
1,284
Advance payments received
1
83
Accrued expenses
19,054
16,208
Derivative liabilities
0
77
Other liabilities
3,763
1,725
Total
24,240
19,378
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-325": { "value": "
29. Commitments and contingent liabilities
Securities and other contingent liabilities
1,000 EUR
2025
2024
Contingencies for own commitment
Business mortgage
60,000
60,000
Other contingent liabilities
1,143
1,132
Remaining commitments to funds by investment area
Buyout
8,881
14,886
Credit
1,498
2,527
Russia
1,066
1,066
Real Estate
5,199
6,432
Other investment areas
1,394
1,489
Funds of funds
245
245
Growth Equity
9,521
10,569
Infra
6,684
8,230
Special Situations
1,877
3,462
Natural Capital
9,981
43
CapMan Wealth Services funds
10,988
16,031
External private equity funds
265
265
External Veture Capital funds
260
1,583
Total
57,859
66,829
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-324": { "value": "
29. Commitments and contingent liabilities
Securities and other contingent liabilities
1,000 EUR
2025
2024
Contingencies for own commitment
Business mortgage
60,000
60,000
Other contingent liabilities
1,143
1,132
Remaining commitments to funds by investment area
Buyout
8,881
14,886
Credit
1,498
2,527
Russia
1,066
1,066
Real Estate
5,199
6,432
Other investment areas
1,394
1,489
Funds of funds
245
245
Growth Equity
9,521
10,569
Infra
6,684
8,230
Special Situations
1,877
3,462
Natural Capital
9,981
43
CapMan Wealth Services funds
10,988
16,031
External private equity funds
265
265
External Veture Capital funds
260
1,583
Total
57,859
66,829
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-326": { "value": "
30. Share-based payments
As at the balance sheet date, CapMan has two investment based long-term share-based incentive plan \"Share plan
2022-25\" and \"Share plan 2025-28\" in force. Share-based incentive plans are used to commit key individuals and
executives to the company and reinforce the alignment of interests of key individuals and executives and CapMan
shareholders. In the investment based long-term share-based incentive plan the participants are committed to
shareholder value creation by investing a significant amount into the CapMan Plc share.
The investment-based long-term incentive plan 2022\u201325 includes three performance periods. The performance period
commenced on 1 April 2022 and ends on 31 March 2023, 2024 and 2025, respectively. The participants may earn a
performance-based reward from each of the performance periods and a matching reward from the 2022\u20132025 period.
The rewards from the plan will be paid in 2024, 2025 and 2026. In 2024, rewards from performance period 1 April
2022 \u2013 31 March 2023 were paid, which resulted in 356,062 shares granted and a cash component to cover
withholding tax consequences. The value of these two totalled EUR 1.2 million.
The investment-based long-term incentive plan 2025-28 includes one performance period. The performance period
commenced on 1 April 2025 and ends on 31 March 2028. The participants may earn a performance-based reward from
the performance period and a matching reward. The rewards from the plan will be paid in 2028.
The aim of the plans is to align remuneration with CapMan\u2019s sustainability agenda, to retain the plan participants in the
company\u2019s service, and to offer them a competitive reward plan based on owning, earning and accumulating the
company\u2019s shares. The prerequisite for receiving reward on the basis of the plan is that a participant acquires company's
shares or allocates previously owned company's shares up to the number determined by the Board of Directors.\u00a0 The
performance-based reward from the plans is based on the company share's Total Shareholder Return (TSR) and on a
participant's employment or service upon reward payment. In the Share plan 2025-28, reaching of fee profit growth and
sustainability-linked targets also contribute to the performance-based reward. The plans are equity-settled by nature and
while the participants earn a certain gross amount of reward shares, it can be partially paid in cash to cover the
withholding tax consequences. The Board shall resolve whether new Shares or existing Shares held by the Company are
given as reward. The target group of the Plans consists of 20-28 persons, including the members of the Management
Group.
The fair value of the investment-based incentive plans has been measured at the grant date and is expensed on a
straight-line basis over the vesting period. The fair value has been calculated by applying a Monte-Carlo simulation,
where the model inputs have included share price at the grant date, expected annualised volatility over the tenure of the
program, risk-free interest rate, expected dividends and expected share rewards to be granted on different target share
price levels. The model simulates share price development during the performance period and the resulting share rewards
to be granted after reaching the share price levels defined in the conditions of the plan. In addition, lack of marketability
due to the lock-up period as well as forfeiture rate have been incorporated into the measurement of the fair value as
decreasing factors.
The total expense recognised for the period arising from share-based payment transactions amounted to EUR 0.7 million
(EUR 0.6 million). There were no liabilities arising from share-based payment transactions. As at the balance sheet date,
based on the closing price of CapMan's share, it is estimated that the shares to be withheld and paid in cash to cover
withholding tax liabilities will amount to EUR 1.5 million in total.
Key information on the investment-based incentive plans is presented in the below table.
Investment-based incentive plans
Share plan
Share plan
2022-25
2025-28
Grant date
13 April 2022
30 April 2025
Vesting period starts
13 April 2022
01 April 2025
Vesting period ends
13.4.2024, 13.4.2025
and 13.4.2026
31 March 2028
Grant date share price, EUR
2.420
1.876
Share price at the end of the period, EUR
1.924
1.924
Expected annualised volatility
26 %
25 %
Assumed risk-free interest rate
1.0%
1.9%
Present value of the expected dividends, EUR
0.63
0.14
Forfeiture rate assumption
0 %
0 %
Increase in fair value of share premiums granted during the period, EUR million
0.0
1.4
Fair value of the plan, EUR million
2.8
1.4
Expense recorded during the financial year, EUR million
0.5
0.2
Cumulative expense recorded for the plan, EUR million
2.7
0.2
Future cash payment related to withholding taxes, EUR million
-0.8
-0.7
Number of participants in the plan at the balance sheet date
20
28
Investment-based incentive plans
Share plan
Share plan
2022-25
2025-28
Outstanding in the beginning of the period 1.1.2025
2,830,000
0
Granted
0
1,521,000
Forfeited
2,296,052
0
Exercised at the end of the period 31.12.2025
737,230
0
Outstanding at the end of the period 31.12.2025
533,948
1,521,000
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-329": { "value": "
31. Related party disclosures
Group companies
Group ownership
of shares, %
Parent company
ownership of
shares, %
CapMan Plc, parent company
Finland
CapMan Capital Management Oy
Finland
100%
100%
CapMan Sweden AB
Sweden
100%
100%
CapMan AB
Sweden
100%
100%
CapMan (Guernsey) Limited
Guernsey
100%
100%
CapMan (Guernsey) Buyout VIII GP Limited
Guernsey
100%
100%
CapMan (Sweden) Buyout VIII GP AB
Sweden
100%
100%
CapMan Classic GP Oy
Finland
100%
100%
CapMan Real Estate Oy
Finland
100%
100%
Dividum Oy
Finland
100%
100%
RG Invest Oy
Finland
100%
100%
CapMan RE II GP Oy
Finland
100%
100%
CapMan Private Equity Advisors Limited
Cyprus
100%
100%
RG Growth (Guernsey) GP Ltd
Guernsey
100%
100%
CapMan (Guernsey) Investment Limited
Guernsey
100%
100%
CapMan (Guernsey) Buyout IX\u00a0 GP Limited
Guernsey
100%
100%
CapMan Fund Investments SICAV-SIF
Luxembourg
100%
100%
CapMan (Guernsey) Buyout X GP Limited
Guernsey
100%
100%
RG Growth (Guernsey) II GP Ltd
Guernsey
100%
100%
Maneq 2012 AB
Sweden
100%
100%
CapMan Nordic Real Estate Manager S.A.
Luxembourg
100%
100%
CapMan Buyout X GP Oy
Finland
100%
100%
CapMan Endowment GP Oy
Finland
100%
100%
CapMan Real Estate UK Limited
United Kingdom
100%
Nest Capital 2015 GP Oy
Finland
100%
100%
Kokoelmakeskus GP Oy
Finland
100%
100%
CapMan Growth Equity Oy
Finland
100%
100%
CapMan Real Estate Manager S.A.
Luxembourg
100%
100%
Group companies
Group ownership
of shares, %
Parent company
ownership of
shares, %
CapMan Infra Management Oy
Finland
60%
60%
CapMan Infra Lux Management S.\u00e1.r.l.
Luxembourg
60%
CapMan Growth Equity 2017 GP\u00a0 Oy
Finland
100%
100%
CapMan Nordic Infrastructure Manager S.\u00e1.r.l.
Luxembourg
100%
100%
CapMan Infra Lynx GP Oy
Finland
60%
CapMan Buyout XI GP S.\u00e1.r.l
Luxembourg
100%
100%
CapMan AIFM Oy
Finland
100%
100%
Nest Capital III GP Oy
Finland
100%
100%
CapMan Buyout Management Oy
Finland
100%
100%
CapMan Hotels II Holding GP Oy
Finland
100%
100%
CapMan Wealth Oy
Finland
65%
65%
CapMan Growth Equity II GP Oy
Finland
100%
100%
CapMan Special Situations GP Oy
Finland
100%
100%
CapMan Special Situations Oy
Finland
65%
65%
CM III Feeder GP S.\u00e1.r.l.
Luxembourg
100%
100%
Maneq 2010 AB
Sweden
86%
86%
Maneq 2005 AB
Sweden
100%
100%
CapMan Residential Manager SA
Luxembourg
60%
60%
CMRF Feeder GP S.\u00e1.r.l.
Luxembourg
60%
CMRF Advisors Oy
Finland
60%
60%
Nest Capital IV GP Oy
Finland
100%
100%
CMH II Feeder GP Sarl
Luxembourg
100%
100%
CapMan Nordic Infrastructure II Manager S.\u00e1.r.l.
Luxembourg
100%
100%
CapMan Growth Equity III GP Oy
Finland
100%
100%
CapMan Growth Management Oy
Finland
65%
65%
Dasos Capital Oy
Finland
100%
100%
Dasos Climate-Smart Real Estate Oy
Finland
100%
Dasos Foraois Management Ltd.
Ireland
100%
Group companies
Group ownership
of shares, %
Parent company
ownership of
shares, %
Dasos FS Management S.a.r.l.
Luxembourg
100%
Dasos LT Management S.a.r.l.
Luxembourg
100%
Dasos S.A.
Luxembourg
93%
Dasos II S.A.
Luxembourg
100%
Profor Investments S.a.r.l.
Luxembourg
67%
CapMan Nordic Real Estate IV Manager Sarl
Luxembourg
100%
100%
CapMan Special Situations II GP Oy
Finland
100%
100%
CapMan Dasos Fund IV GP S.a.r.l.
Luxembourg
100%
100%
CapMan SWE Living GP S.a.r.l.
Luxembourg
100%
100%
CapMan Group Services S.a.r.l.
Luxembourg
100%
100%
CAERUS Debt Investments AG
Germany
51%
51%
CAERUS Debt Fund S.a.r.l.
Luxembourg
51%
CAERUS Debt Fund II S.a.r.l.
Luxembourg
51%
Foreign branches
CapMan Real Estate Denmark, filial av CapMan AB, Sverige
Denmark
100 %
CapMan Real Estate Oy, filial i Norge
Norway
100 %
CapMan Buyout Management Oy, filial i Sverige
Sweden
100 %
CapMan Infra Management Oy, filial i Sverige
Sweden
60 %
Transactions with related parties
There were no related party transactions during the financial year, apart from customary transactions between group
entities. In the previous year, CapMan granted a long-term loan of EUR 747 thousand and a short-term loan of EUR 170
thousand with a fixed interest rate to Noelia Invest AB, a controlled entity of Mika Koskinen, member of the Management
Group. The short-term loan term was extended to 2026 during the period. Noelia Invest AB used the loans to subscribe
shares issued by CapMan Wealth Services Oy, a subsidiary of CapMan Plc. Furthermore, during the previous financial
year 2024, CapMan sold a share of its interest in CWS Investment Partners Fund III to Noelia Invest AB. The purchase
price was EUR 30 thousand and the transaction also included transferring a total of USD 300 thousand of investment
commitments to the aforementioned fund from CapMan to Noelia Invest AB.
Loan and interest receivables from related parties
1,000 EUR
2025
2024
Non-current
860
817
Current
182
175
Commitments to related parties
1,000 EUR
2025
2024
Loan commitments
48
73
Management remuneration
1,000 EUR
2025
2024
CEO Pia K\u00e5ll
Salaries and other short-term employee benefits
440
440
Pension costs
78
78
Additional pension costs
42
42
Share-based payments
172
144
Total
732
704
Management group excl. CEO
Salaries and other short-term employee benefits
2,892
2,945
Share-based payments
399
351
Total
3,291
3,295
Remuneration and fees of the Board of Directors
1,000 EUR
2025
2024
Joakim Frimodig
133
279
Johan Bygge
46
45
Mammu Kaario
58
56
Catarina Fagerholm
47
46
Ari Kaperi
34
0
Eva Lindholm
34
0
Olli Liitola
12
44
Johan Hammar\u00e9n
11
43
Total
375
513
Management remuneration includes members of the board, CEO and management group.
The CEO has a mutual notice period of six months and he will be entitled to a severance fee of 12 months\u2019 salary, if his
employment is terminated by the company.
The CEO and some of the Management Group members are covered by additional defined contribution based pension
insurance. The retirement age of the CEO is 63 years.
The Management Group members, incl. CEO, have allocated a total of 860,000 shares (860,000 shares in 2024) to the
investment-based long-term incentive plan 2022-25 and a total of 245,000 shares to the long-term incentive planc
2025-28. The Management Group and other employees have similar terms in the investment-based long-term incentive
plans (see Note 30).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-328": { "value": "
31. Related party disclosures
Group companies
Group ownership
of shares, %
Parent company
ownership of
shares, %
CapMan Plc, parent company
Finland
CapMan Capital Management Oy
Finland
100%
100%
CapMan Sweden AB
Sweden
100%
100%
CapMan AB
Sweden
100%
100%
CapMan (Guernsey) Limited
Guernsey
100%
100%
CapMan (Guernsey) Buyout VIII GP Limited
Guernsey
100%
100%
CapMan (Sweden) Buyout VIII GP AB
Sweden
100%
100%
CapMan Classic GP Oy
Finland
100%
100%
CapMan Real Estate Oy
Finland
100%
100%
Dividum Oy
Finland
100%
100%
RG Invest Oy
Finland
100%
100%
CapMan RE II GP Oy
Finland
100%
100%
CapMan Private Equity Advisors Limited
Cyprus
100%
100%
RG Growth (Guernsey) GP Ltd
Guernsey
100%
100%
CapMan (Guernsey) Investment Limited
Guernsey
100%
100%
CapMan (Guernsey) Buyout IX\u00a0 GP Limited
Guernsey
100%
100%
CapMan Fund Investments SICAV-SIF
Luxembourg
100%
100%
CapMan (Guernsey) Buyout X GP Limited
Guernsey
100%
100%
RG Growth (Guernsey) II GP Ltd
Guernsey
100%
100%
Maneq 2012 AB
Sweden
100%
100%
CapMan Nordic Real Estate Manager S.A.
Luxembourg
100%
100%
CapMan Buyout X GP Oy
Finland
100%
100%
CapMan Endowment GP Oy
Finland
100%
100%
CapMan Real Estate UK Limited
United Kingdom
100%
Nest Capital 2015 GP Oy
Finland
100%
100%
Kokoelmakeskus GP Oy
Finland
100%
100%
CapMan Growth Equity Oy
Finland
100%
100%
CapMan Real Estate Manager S.A.
Luxembourg
100%
100%
Group companies
Group ownership
of shares, %
Parent company
ownership of
shares, %
CapMan Infra Management Oy
Finland
60%
60%
CapMan Infra Lux Management S.\u00e1.r.l.
Luxembourg
60%
CapMan Growth Equity 2017 GP\u00a0 Oy
Finland
100%
100%
CapMan Nordic Infrastructure Manager S.\u00e1.r.l.
Luxembourg
100%
100%
CapMan Infra Lynx GP Oy
Finland
60%
CapMan Buyout XI GP S.\u00e1.r.l
Luxembourg
100%
100%
CapMan AIFM Oy
Finland
100%
100%
Nest Capital III GP Oy
Finland
100%
100%
CapMan Buyout Management Oy
Finland
100%
100%
CapMan Hotels II Holding GP Oy
Finland
100%
100%
CapMan Wealth Oy
Finland
65%
65%
CapMan Growth Equity II GP Oy
Finland
100%
100%
CapMan Special Situations GP Oy
Finland
100%
100%
CapMan Special Situations Oy
Finland
65%
65%
CM III Feeder GP S.\u00e1.r.l.
Luxembourg
100%
100%
Maneq 2010 AB
Sweden
86%
86%
Maneq 2005 AB
Sweden
100%
100%
CapMan Residential Manager SA
Luxembourg
60%
60%
CMRF Feeder GP S.\u00e1.r.l.
Luxembourg
60%
CMRF Advisors Oy
Finland
60%
60%
Nest Capital IV GP Oy
Finland
100%
100%
CMH II Feeder GP Sarl
Luxembourg
100%
100%
CapMan Nordic Infrastructure II Manager S.\u00e1.r.l.
Luxembourg
100%
100%
CapMan Growth Equity III GP Oy
Finland
100%
100%
CapMan Growth Management Oy
Finland
65%
65%
Dasos Capital Oy
Finland
100%
100%
Dasos Climate-Smart Real Estate Oy
Finland
100%
Dasos Foraois Management Ltd.
Ireland
100%
Group companies
Group ownership
of shares, %
Parent company
ownership of
shares, %
Dasos FS Management S.a.r.l.
Luxembourg
100%
Dasos LT Management S.a.r.l.
Luxembourg
100%
Dasos S.A.
Luxembourg
93%
Dasos II S.A.
Luxembourg
100%
Profor Investments S.a.r.l.
Luxembourg
67%
CapMan Nordic Real Estate IV Manager Sarl
Luxembourg
100%
100%
CapMan Special Situations II GP Oy
Finland
100%
100%
CapMan Dasos Fund IV GP S.a.r.l.
Luxembourg
100%
100%
CapMan SWE Living GP S.a.r.l.
Luxembourg
100%
100%
CapMan Group Services S.a.r.l.
Luxembourg
100%
100%
CAERUS Debt Investments AG
Germany
51%
51%
CAERUS Debt Fund S.a.r.l.
Luxembourg
51%
CAERUS Debt Fund II S.a.r.l.
Luxembourg
51%
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-327": { "value": "
31. Related party disclosures
Group companies
Group ownership
of shares, %
Parent company
ownership of
shares, %
CapMan Plc, parent company
Finland
CapMan Capital Management Oy
Finland
100%
100%
CapMan Sweden AB
Sweden
100%
100%
CapMan AB
Sweden
100%
100%
CapMan (Guernsey) Limited
Guernsey
100%
100%
CapMan (Guernsey) Buyout VIII GP Limited
Guernsey
100%
100%
CapMan (Sweden) Buyout VIII GP AB
Sweden
100%
100%
CapMan Classic GP Oy
Finland
100%
100%
CapMan Real Estate Oy
Finland
100%
100%
Dividum Oy
Finland
100%
100%
RG Invest Oy
Finland
100%
100%
CapMan RE II GP Oy
Finland
100%
100%
CapMan Private Equity Advisors Limited
Cyprus
100%
100%
RG Growth (Guernsey) GP Ltd
Guernsey
100%
100%
CapMan (Guernsey) Investment Limited
Guernsey
100%
100%
CapMan (Guernsey) Buyout IX\u00a0 GP Limited
Guernsey
100%
100%
CapMan Fund Investments SICAV-SIF
Luxembourg
100%
100%
CapMan (Guernsey) Buyout X GP Limited
Guernsey
100%
100%
RG Growth (Guernsey) II GP Ltd
Guernsey
100%
100%
Maneq 2012 AB
Sweden
100%
100%
CapMan Nordic Real Estate Manager S.A.
Luxembourg
100%
100%
CapMan Buyout X GP Oy
Finland
100%
100%
CapMan Endowment GP Oy
Finland
100%
100%
CapMan Real Estate UK Limited
United Kingdom
100%
Nest Capital 2015 GP Oy
Finland
100%
100%
Kokoelmakeskus GP Oy
Finland
100%
100%
CapMan Growth Equity Oy
Finland
100%
100%
CapMan Real Estate Manager S.A.
Luxembourg
100%
100%
Group companies
Group ownership
of shares, %
Parent company
ownership of
shares, %
CapMan Infra Management Oy
Finland
60%
60%
CapMan Infra Lux Management S.\u00e1.r.l.
Luxembourg
60%
CapMan Growth Equity 2017 GP\u00a0 Oy
Finland
100%
100%
CapMan Nordic Infrastructure Manager S.\u00e1.r.l.
Luxembourg
100%
100%
CapMan Infra Lynx GP Oy
Finland
60%
CapMan Buyout XI GP S.\u00e1.r.l
Luxembourg
100%
100%
CapMan AIFM Oy
Finland
100%
100%
Nest Capital III GP Oy
Finland
100%
100%
CapMan Buyout Management Oy
Finland
100%
100%
CapMan Hotels II Holding GP Oy
Finland
100%
100%
CapMan Wealth Oy
Finland
65%
65%
CapMan Growth Equity II GP Oy
Finland
100%
100%
CapMan Special Situations GP Oy
Finland
100%
100%
CapMan Special Situations Oy
Finland
65%
65%
CM III Feeder GP S.\u00e1.r.l.
Luxembourg
100%
100%
Maneq 2010 AB
Sweden
86%
86%
Maneq 2005 AB
Sweden
100%
100%
CapMan Residential Manager SA
Luxembourg
60%
60%
CMRF Feeder GP S.\u00e1.r.l.
Luxembourg
60%
CMRF Advisors Oy
Finland
60%
60%
Nest Capital IV GP Oy
Finland
100%
100%
CMH II Feeder GP Sarl
Luxembourg
100%
100%
CapMan Nordic Infrastructure II Manager S.\u00e1.r.l.
Luxembourg
100%
100%
CapMan Growth Equity III GP Oy
Finland
100%
100%
CapMan Growth Management Oy
Finland
65%
65%
Dasos Capital Oy
Finland
100%
100%
Dasos Climate-Smart Real Estate Oy
Finland
100%
Dasos Foraois Management Ltd.
Ireland
100%
Group companies
Group ownership
of shares, %
Parent company
ownership of
shares, %
Dasos FS Management S.a.r.l.
Luxembourg
100%
Dasos LT Management S.a.r.l.
Luxembourg
100%
Dasos S.A.
Luxembourg
93%
Dasos II S.A.
Luxembourg
100%
Profor Investments S.a.r.l.
Luxembourg
67%
CapMan Nordic Real Estate IV Manager Sarl
Luxembourg
100%
100%
CapMan Special Situations II GP Oy
Finland
100%
100%
CapMan Dasos Fund IV GP S.a.r.l.
Luxembourg
100%
100%
CapMan SWE Living GP S.a.r.l.
Luxembourg
100%
100%
CapMan Group Services S.a.r.l.
Luxembourg
100%
100%
CAERUS Debt Investments AG
Germany
51%
51%
CAERUS Debt Fund S.a.r.l.
Luxembourg
51%
CAERUS Debt Fund II S.a.r.l.
Luxembourg
51%
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-330": { "value": "
Management remuneration
1,000 EUR
2025
2024
CEO Pia K\u00e5ll
Salaries and other short-term employee benefits
440
440
Pension costs
78
78
Additional pension costs
42
42
Share-based payments
172
144
Total
732
704
Management group excl. CEO
Salaries and other short-term employee benefits
2,892
2,945
Share-based payments
399
351
Total
3,291
3,295
Remuneration and fees of the Board of Directors
1,000 EUR
2025
2024
Joakim Frimodig
133
279
Johan Bygge
46
45
Mammu Kaario
58
56
Catarina Fagerholm
47
46
Ari Kaperi
34
0
Eva Lindholm
34
0
Olli Liitola
12
44
Johan Hammar\u00e9n
11
43
Total
375
513
Management remuneration includes members of the board, CEO and management group.
The CEO has a mutual notice period of six months and he will be entitled to a severance fee of 12 months\u2019 salary, if his
employment is terminated by the company.
The CEO and some of the Management Group members are covered by additional defined contribution based pension
insurance. The retirement age of the CEO is 63 years.
The Management Group members, incl. CEO, have allocated a total of 860,000 shares (860,000 shares in 2024) to the
investment-based long-term incentive plan 2022-25 and a total of 245,000 shares to the long-term incentive planc
2025-28. The Management Group and other employees have similar terms in the investment-based long-term incentive
plans (see Note 30).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-331": { "value": "
32. Financial risk management
The purpose of financial risk management is to ensure that the Group has adequate and effectively utilised financing as
regards the nature and scope of the Group\u2019s business. The objective is to minimise the impact of negative market
development on the Group with consideration for cost efficiency. The financial risk management has been centralised and
the Group\u2019s CFO is responsible for financial risk management and control.
The management constantly monitors cash flow forecasts and the Group\u2019s liquidity position on behalf of all Group
companies. In addition, the Group\u2019s principles for liquidity management include rolling 12-month loan covenant
assessments. The loan covenants are related to equity ratio and net gearing. During the financial year all the loan
covenants have been fullfilled.
The Group has a Valuation team, which monitors the performance and the price risk of the investment portfolio (financial
assets measured at fair value through profit or loss) independently and objectively of the investment teams. The Valuation
team is responsible for reviewing the monthly reporting and forecasts for portfolio companies. Valuation proposals are
examined by the Valuation team and subsequently reviewed and decided by the Valuation Committee, which must
include at least two members from CapMan AIF Manager's Board of Directors. The portfolio company valuations are
reviewed in the Valuation Committee on a quarterly basis. The valuations are back tested against realised exit valuations,
and the results of such back testing are reported to the Audit and Risk Committee annually.
a) Liquidity risk
Cash inflow from operating activities consists of predictable management fees and fees from the Service Business, as well
as transaction-based fees and carried interest income, which are more difficult to predict. Cash outflow from operating
activities consists of payment of fixed costs, interests and taxes, which are relatively well predictable in the short term.
Liquidity management is also significantly impacted by the timing of the capital calls to the funds and proceeds from fund
investments, which is difficult to predict. Therefore, the Group maintains a sufficient liquidity in order to fulfill its
commitments, which are more difficult to predict. Cash from financing activities consist of proceeds from and repayment
of borrowings, and payment of dividends and return of capital.
Management fees received from the funds and majority of fees from the Service Business are based on long-term
agreements and are targeted to cover the operational expenses of the Group. Management fees and majority of fees from
the Service Business are quite reliably predictable for the coming 12 months. However, part of of the fees from the
Service Business are transaction-based and thus more difficult to forecast.
The timing and receipt of carried interest generated by the funds is uncertain and will contribute to the volatility of the
results. Changes in investment and exit activity levels may have a significant impact on cash flows of the Group. A single
investment or exit may change the cash flow situation completely and the exact timing of the cash flow is difficult to
predict. Group companies managing a fund may in certain circumstances, pursuant to the terms of the fund agreement,
have to return carried interest income they have received (so-called clawback). The obligation to return carried interest
income applies typically when, according to the final distribution of funds, the carried interest income received by the
fund management company exceeds the carried interest it is entitled to when the fund expires. CapMan has no clawback
liabilities recorded at the balance sheet date.
CapMan has made commitments to the funds it manages. As at December 31, 2025, the undrawn commitments to the
funds amounted to EUR 57.9 (66.8) million and the financing capacity available (cash available for use and third party
financing facilities) amounted to EUR 84.5 (114.2) million. The cash available includes the cash of CapMan Fund
Investments SICAV-SIF EUR 3.6 (4.0) million, which is reported in fund investments in the group balance sheet.
During the previous financial year, CapMan issued unsecured sustainability-linked notes in the aggregate principal
amount of EUR 60 million. The notes will mature on June 10, 2029 and carry a fixed annual interest of 6.5% paid
annually. In conjunction with this, in June and December 2024, CapMan redeemed the EUR 50 million notes issued in
2020. CapMan also has unsecured sustainability-linked notes in the aggregate principal amount of EUR 40 million
issued in April 2022, which will mature on April 13, 2027 and carry a fixed annual interest of 4.5% paid annually. The
sustainability targets of this loan were achieved already in 2023, which means its interest rate will remain unchanged till
maturity. The sustainability targets of the loan maturing on June 10, 2029, will be reviewed on December 31, 2027,
which may result in an increase of its interest rate by a maximum of 1.25 pp for the remainder of the term. Both loan
agreements include covenants tied to equity ratio.
At the end of the financial year, CapMan has an unused long-term credit facility of EUR 20 million. CapMan has not used
the credit facility during the financial year or the previous year. The long-term credit facility agreement includes a
covenant related to net gearing.
Maturity analysis
31 December 2025, 1,000 EUR
Due within 3
months
Due between 3
and 12
months
Due between 1
and 3 years
Due between 3
and 5 years
Due later
Bonds
40,000
60,000
Accounts payable
1,422
Interests, bonds
5,700
8,303
1,710
Commitments to funds
302
11,541
5,548
6,746
33,723
Lease liabilities (IFRS 16)
300
726
1,192
1,025
3,182
Maturity analysis
31 December 2024, 1,000 EUR
Due within 3
months
Due between 3
and 12
months
Due between 1
and 3 years
Due between 3
and 5 years
Due later
Bonds
40,000
60,000
Accounts payable
1,284
Interests, bonds
5,700
10,103
5,610
Commitments to funds
326
17,132
1,209
7,452
40,709
Lease liabilities (IFRS 16)
299
836
1,790
b) Interest rate risk
At the end of the financial year, interest-bearing liabilities carry a fixed interest rate. Exposure to interest rate risk arises
principally from the long-term credit facility of EUR 20 million with a floating interest rate. This facility was not used
during the financial year or the previous year. The interest rate of the credit facility is the aggregate of the reference rate
(Euribor) and the margin, which is dependent on the Group's net gearing and is in the range of 1.75 % to 2.70 %.
Interest rate is also tied to reaching sustainability targets, the outcome of which, however, did not have an impact on the
margin.
The EUR 60 million bond issued in June 2024 has an annual coupon rate of 6.5% paid annually. The terms of the bond
include sustainability-linked targets, and the outcome of reaching these will be reviewed on December 31, 2027. Failure
to fulfill the agreed sustainability-linked targets could increase the interest rate by 1.25 pp, at maximum, for the
remainder of the loan term. The sustainability-linked senior bond issued in April 2022 carry initially an annual coupon
rate of 4.5% paid annually. As CapMan succeeded in fulfilling the sustainability-linked conditions, the interest rate will
remain unchanged for the remainder of the loan term.
Loans according to interest rate 1,000 EUR
2025
2024
Floating rate
0
0
Fixed rate
99,718
99,607
Total
99,718
99,607
c) Credit risk
Group\u2019s credit risks relate to trade, loan and other receivables recognised at amortised cost. The maximum credit loss of
these receivables is the carrying amount of the receivable in question. There are no collaterals relating to the receivables.
CapMan has some credit-impaired co-investment loan receivables from entities controlled by the former or current
investment teams. Co-investment loans are determined to be credit-impaired, if the expected distributions from the
underlying fund would not enable full repayment of the loan to CapMan. Events triggering an evaluation to determine, if a
loan receivable is credit-impaired, are typically decreased or lost carry potential or decreased fair value of the underlying
fund\u2019s remaining investments or fund filing for liquidation. More information on the expected credit losses of receivables is
presented in notes 18 and 20.
Group\u2019s loan commitments are related to co-investment loans granted to team entities, which they use in order to make
co-investments to funds managed by the Group. Apart from credit-impaired loan receivables, credit risk of loan
commitments is deemed low, when the repayment is subject to distributions received from the fund and the fund is
capable of making distributions equaling or exceeding the needed cash for repaying the loans and accrued interests.
d) Currency risk
Changes in exchange rates, particularly between the US dollar and the euro, impact the company\u2019s performance, since a
part of group\u2019s fund investments and non-current accounts receivables are in US dollar. Any strengthening/weakening of
the dollar against the euro would improve/weaken the fair value gains or US dollar fund investments and revenue related
to US dollar nominated account receivables.
CapMan has started to hedge its US dollar nominated account receivables against changes in exchange rates as of
December 2022. The group does not, however, apply hedge accounting to the derivative instruments used for hedging
purposes.
CapMan has subsidiaries outside of the Eurozone, and their equity is exposed to movements in foreign currency exchange
rates. However, the Group does not hedge currency as the impact of exposure to currency movements on equity is
relatively small.
As at December 31, 2025, 86% of the Group's financial assets were in euros, 10% in US dollars 1.5% in Swedish krona
and 1.5% in other currencies. The following table presents the fair values of the foreign currency denominated financial
assets.
Financial assets denominated in foreign currencies, in euros
1,000 EUR
SEK
USD
Other currencies
Total
2025
4,457
28,053
4,633
37,143
2024
2,195
21,052
2,484
25,731
e) Capital management
Group\u2019s aim is to have an efficient capital structure that allows the company to manage its ongoing obligations and that
the business has the prerequisites for operating normally. The Return on equity (ROE) and the Equity ratio are the means
for monitoring capital structure.
The long-term financial targets of the Group have been confirmed by the Board of Directors of CapMan Plc. The financial
targets are based on growth, profitability and balance sheet. The combined growth objective for the Management
Company and Service businesses is more than 15 per cent p.a. on average. The objective for return on equity is more
than 20 per cent p.a. on average. CapMan\u2019s equity ratio target is more than 50 per cent.
The distribution policy was updated during the financial year by the Board of Directors of CapMan Plc. CapMan\u2019s
objective is to distribute at least 70 per cent of the Group\u2019s profit attributable to equity holders of the company excluding
the impact of fair value changes, subject to the distributable funds of the parent company. In addition, CapMan may pay
out distributions accrued from investment operations, taking into consideration foreseen cash requirements for future
investments. Previously, CapMan\u2019s policy was to pay an annually increasing dividend to its shareholders.
On the balance sheet date, CapMan has two unsecured senior bonds outstanding, EUR 40 million sustainability-linked
unsecured bond maturing on April 13, 2027 and EUR 60 million sustainability-linked unsecured bond maturing on June
10, 2029. In addition, CapMan as a long-term credit facility of EUR 20 million available until June 17, 2027, which
was not in use at the balance sheet date.
The long-term credit facility agreement and senior bond agreements include financial covenants related to both equity
ratio and net gearing.
1,000 EUR
2025
2024
Interest-bearing loans
106,141
102,533
Cash and cash equivalents
-60,971
-90,142
Net debt
45,170
12,391
Equity
194,398
202,568
Net gearing
23.2%
6.1%
Return on equity
8.0%
46.2%
Equity ratio
57.6%
59.0%
f) Price risk of the investments in funds
The investments in funds are valued using the International Private Equity and Venture Capital Valuation Guidelines.
According to these guidelines, the fair values are generally derived by multiplying key performance metrics of the investee
company (e.g., EBITDA) by the relevant valuation multiple (e.g., price/equity ratio) observed for comparable publicly
traded companies or transactions. Changes in valuation multiples can lead to significant changes in fair values depending
on the leverage ratio of the investee company.
g) Climate related risks
The Group has assessed the impact of climate-related matters and whether climate related risks could be expected to
result in material adjustments in the Group\u2019s financial statements. The Group is committed to Science Based Targets and
climate net zero target and has established short-term, mid-term and long-term sustainability targets for CapMan Group
as well as for its investment areas. The Group\u2019s largest assets consist of financial assets, and more precisely, of its own
and external fund investments valued at fair value. Therefore, potential climate-related risks are primarily associated with
CapMan\u2019s own fund investments, managed by CapMan\u2019s investment professionals, and with external fund investments.
CapMan\u2019s commitment to climate net zero, combined with the valuation process described earlier, can therefore be seen
taking sufficiently into account climate-related matters impacting the fair value of the underlying portfolio companies, real
estate properties and other holdings owned by CapMan\u2019s own funds. Fair value of external fund investments is based on
external fund managers\u2019 valuations and no climate-related adjustments are made by CapMan. However, the Group sees
that the industries, in which the portfolio companies of the external fund investments operate, are not materially subject
to climate related risks with regards to their fair valuation.
h) Determining fair values
Fair value hierarchy of financial assets measured at fair value at 31 December 2024
1,000 EUR
Fair value
Level 1
Level 2
Level 3
Investments in funds
178,555
3,854
0
174,701
Other non-current investments
715
689
0
25
Current financial assets at FVTPL*
3,529
3,509
20
0
*fair value through profit or loss
The different levels have been defined as follows:
Level 1 \u2013 Quoted prices (unjusted) in active markets for identical assets
Level 2 \u2013 Other than quoted prices included within Level 1 that are observable for the asset, either directly (that is, as
price) or indirectly (that is, derived from prices)
Level 3 \u2013 The asset that is not based on observable market data
1,000 EUR
Level 1
Level 2
Level 3
Total
Non-current investments at fair value through
profit or loss
Investments in funds
at Jan 1
4,318
162,903
167,221
Additions
25,118
25,118
Acquisitions
5
5
Distributions
-20,812
-20,812
Disposals
-8,016
-8,016
Fair value gains/losses\u00a0
15,503
15,503
Transfers*
-464
0
-464
at the end of period
3,854
174,701
178,555
Other investments
at Jan 1
545
0
25
570
Additions
42
42
Fair value gains/losses\u00a0
102
102
at the end of period
689
0
25
715
* Includes the change of cash and cash equivalents of the subsidiary CapMan Fund Investments SICAV-SIF, classified as fund investments,
Fair value hierarchy of financial assets measured at fair value at 31 December 2023
1,000 EUR
Fair value
Level 1
Level 2
Level 3
Investments in funds
167,221
4,318
0
162,903
Other non-current investments
571
545
0
25
Current financial assets at FVTPL*
3,790
3,790
0
0
*fair value through profit or loss
The different levels have been defined as follows:
Level 1 \u2013 Quoted prices (unjusted) in active markets for identical assets
Level 2 \u2013 Other than quoted prices included within Level 1 that are observable for the asset, either directly (that is, as
price) or indirectly (that is, derived from prices)
Level 3 \u2013 The asset that is not based on observable market data
1,000 EUR
Level 1
Level 2
Level 3
Total
Non-current investments at fair value through
profit or loss
Investments in funds
at Jan 1
980
157,927
158,907
Additions
19,017
19,017
Distributions
-589
-9,465
-10,054
Disposals
-15,623
-15,623
Fair value gains/losses\u00a0
7,746
7,746
Transfers*
3,927
0
3,927
at the end of period
4,318
162,903
167,221
Other investments
at Jan 1
482
0
25
507
Additions
42
42
Fair value gains/losses\u00a0
21
21
at the end of period
545
0
25
571
* Includes the change of cash and cash equivalents of the subsidiary CapMan Fund Investments SICAV-SIF, classified as fund investments,", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-332": { "value": "
a) Liquidity risk
Cash inflow from operating activities consists of predictable management fees and fees from the Service Business, as well
as transaction-based fees and carried interest income, which are more difficult to predict. Cash outflow from operating
activities consists of payment of fixed costs, interests and taxes, which are relatively well predictable in the short term.
Liquidity management is also significantly impacted by the timing of the capital calls to the funds and proceeds from fund
investments, which is difficult to predict. Therefore, the Group maintains a sufficient liquidity in order to fulfill its
commitments, which are more difficult to predict. Cash from financing activities consist of proceeds from and repayment
of borrowings, and payment of dividends and return of capital.
Management fees received from the funds and majority of fees from the Service Business are based on long-term
agreements and are targeted to cover the operational expenses of the Group. Management fees and majority of fees from
the Service Business are quite reliably predictable for the coming 12 months. However, part of of the fees from the
Service Business are transaction-based and thus more difficult to forecast.
The timing and receipt of carried interest generated by the funds is uncertain and will contribute to the volatility of the
results. Changes in investment and exit activity levels may have a significant impact on cash flows of the Group. A single
investment or exit may change the cash flow situation completely and the exact timing of the cash flow is difficult to
predict. Group companies managing a fund may in certain circumstances, pursuant to the terms of the fund agreement,
have to return carried interest income they have received (so-called clawback). The obligation to return carried interest
income applies typically when, according to the final distribution of funds, the carried interest income received by the
fund management company exceeds the carried interest it is entitled to when the fund expires. CapMan has no clawback
liabilities recorded at the balance sheet date.
CapMan has made commitments to the funds it manages. As at December 31, 2025, the undrawn commitments to the
funds amounted to EUR 57.9 (66.8) million and the financing capacity available (cash available for use and third party
financing facilities) amounted to EUR 84.5 (114.2) million. The cash available includes the cash of CapMan Fund
Investments SICAV-SIF EUR 3.6 (4.0) million, which is reported in fund investments in the group balance sheet.
During the previous financial year, CapMan issued unsecured sustainability-linked notes in the aggregate principal
amount of EUR 60 million. The notes will mature on June 10, 2029 and carry a fixed annual interest of 6.5% paid
annually. In conjunction with this, in June and December 2024, CapMan redeemed the EUR 50 million notes issued in
2020. CapMan also has unsecured sustainability-linked notes in the aggregate principal amount of EUR 40 million
issued in April 2022, which will mature on April 13, 2027 and carry a fixed annual interest of 4.5% paid annually. The
sustainability targets of this loan were achieved already in 2023, which means its interest rate will remain unchanged till
maturity. The sustainability targets of the loan maturing on June 10, 2029, will be reviewed on December 31, 2027,
which may result in an increase of its interest rate by a maximum of 1.25 pp for the remainder of the term. Both loan
agreements include covenants tied to equity ratio.
At the end of the financial year, CapMan has an unused long-term credit facility of EUR 20 million. CapMan has not used
the credit facility during the financial year or the previous year. The long-term credit facility agreement includes a
covenant related to net gearing.
Maturity analysis
31 December 2025, 1,000 EUR
Due within 3
months
Due between 3
and 12
months
Due between 1
and 3 years
Due between 3
and 5 years
Due later
Bonds
40,000
60,000
Accounts payable
1,422
Interests, bonds
5,700
8,303
1,710
Commitments to funds
302
11,541
5,548
6,746
33,723
Lease liabilities (IFRS 16)
300
726
1,192
1,025
3,182
Maturity analysis
31 December 2024, 1,000 EUR
Due within 3
months
Due between 3
and 12
months
Due between 1
and 3 years
Due between 3
and 5 years
Due later
Bonds
40,000
60,000
Accounts payable
1,284
Interests, bonds
5,700
10,103
5,610
Commitments to funds
326
17,132
1,209
7,452
40,709
Lease liabilities (IFRS 16)
299
836
1,790
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-333": { "value": "
b) Interest rate risk
At the end of the financial year, interest-bearing liabilities carry a fixed interest rate. Exposure to interest rate risk arises
principally from the long-term credit facility of EUR 20 million with a floating interest rate. This facility was not used
during the financial year or the previous year. The interest rate of the credit facility is the aggregate of the reference rate
(Euribor) and the margin, which is dependent on the Group's net gearing and is in the range of 1.75 % to 2.70 %.
Interest rate is also tied to reaching sustainability targets, the outcome of which, however, did not have an impact on the
margin.
The EUR 60 million bond issued in June 2024 has an annual coupon rate of 6.5% paid annually. The terms of the bond
include sustainability-linked targets, and the outcome of reaching these will be reviewed on December 31, 2027. Failure
to fulfill the agreed sustainability-linked targets could increase the interest rate by 1.25 pp, at maximum, for the
remainder of the loan term. The sustainability-linked senior bond issued in April 2022 carry initially an annual coupon
rate of 4.5% paid annually. As CapMan succeeded in fulfilling the sustainability-linked conditions, the interest rate will
remain unchanged for the remainder of the loan term.
Loans according to interest rate 1,000 EUR
2025
2024
Floating rate
0
0
Fixed rate
99,718
99,607
Total
99,718
99,607
d) Currency risk
Changes in exchange rates, particularly between the US dollar and the euro, impact the company\u2019s performance, since a
part of group\u2019s fund investments and non-current accounts receivables are in US dollar. Any strengthening/weakening of
the dollar against the euro would improve/weaken the fair value gains or US dollar fund investments and revenue related
to US dollar nominated account receivables.
CapMan has started to hedge its US dollar nominated account receivables against changes in exchange rates as of
December 2022. The group does not, however, apply hedge accounting to the derivative instruments used for hedging
purposes.
CapMan has subsidiaries outside of the Eurozone, and their equity is exposed to movements in foreign currency exchange
rates. However, the Group does not hedge currency as the impact of exposure to currency movements on equity is
relatively small.
As at December 31, 2025, 86% of the Group's financial assets were in euros, 10% in US dollars 1.5% in Swedish krona
and 1.5% in other currencies. The following table presents the fair values of the foreign currency denominated financial
assets.
Financial assets denominated in foreign currencies, in euros
1,000 EUR
SEK
USD
Other currencies
Total
2025
4,457
28,053
4,633
37,143
2024
2,195
21,052
2,484
25,731
f) Price risk of the investments in funds
The investments in funds are valued using the International Private Equity and Venture Capital Valuation Guidelines.
According to these guidelines, the fair values are generally derived by multiplying key performance metrics of the investee
company (e.g., EBITDA) by the relevant valuation multiple (e.g., price/equity ratio) observed for comparable publicly
traded companies or transactions. Changes in valuation multiples can lead to significant changes in fair values depending
on the leverage ratio of the investee company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-334": { "value": "
c) Credit risk
Group\u2019s credit risks relate to trade, loan and other receivables recognised at amortised cost. The maximum credit loss of
these receivables is the carrying amount of the receivable in question. There are no collaterals relating to the receivables.
CapMan has some credit-impaired co-investment loan receivables from entities controlled by the former or current
investment teams. Co-investment loans are determined to be credit-impaired, if the expected distributions from the
underlying fund would not enable full repayment of the loan to CapMan. Events triggering an evaluation to determine, if a
loan receivable is credit-impaired, are typically decreased or lost carry potential or decreased fair value of the underlying
fund\u2019s remaining investments or fund filing for liquidation. More information on the expected credit losses of receivables is
presented in notes 18 and 20.
Group\u2019s loan commitments are related to co-investment loans granted to team entities, which they use in order to make
co-investments to funds managed by the Group. Apart from credit-impaired loan receivables, credit risk of loan
commitments is deemed low, when the repayment is subject to distributions received from the fund and the fund is
capable of making distributions equaling or exceeding the needed cash for repaying the loans and accrued interests.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-335": { "value": "
e) Capital management
Group\u2019s aim is to have an efficient capital structure that allows the company to manage its ongoing obligations and that
the business has the prerequisites for operating normally. The Return on equity (ROE) and the Equity ratio are the means
for monitoring capital structure.
The long-term financial targets of the Group have been confirmed by the Board of Directors of CapMan Plc. The financial
targets are based on growth, profitability and balance sheet. The combined growth objective for the Management
Company and Service businesses is more than 15 per cent p.a. on average. The objective for return on equity is more
than 20 per cent p.a. on average. CapMan\u2019s equity ratio target is more than 50 per cent.
The distribution policy was updated during the financial year by the Board of Directors of CapMan Plc. CapMan\u2019s
objective is to distribute at least 70 per cent of the Group\u2019s profit attributable to equity holders of the company excluding
the impact of fair value changes, subject to the distributable funds of the parent company. In addition, CapMan may pay
out distributions accrued from investment operations, taking into consideration foreseen cash requirements for future
investments. Previously, CapMan\u2019s policy was to pay an annually increasing dividend to its shareholders.
On the balance sheet date, CapMan has two unsecured senior bonds outstanding, EUR 40 million sustainability-linked
unsecured bond maturing on April 13, 2027 and EUR 60 million sustainability-linked unsecured bond maturing on June
10, 2029. In addition, CapMan as a long-term credit facility of EUR 20 million available until June 17, 2027, which
was not in use at the balance sheet date.
The long-term credit facility agreement and senior bond agreements include financial covenants related to both equity
ratio and net gearing.
1,000 EUR
2025
2024
Interest-bearing loans
106,141
102,533
Cash and cash equivalents
-60,971
-90,142
Net debt
45,170
12,391
Equity
194,398
202,568
Net gearing
23.2%
6.1%
Return on equity
8.0%
46.2%
Equity ratio
57.6%
59.0%
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-336": { "value": "
h) Determining fair values
Fair value hierarchy of financial assets measured at fair value at 31 December 2024
1,000 EUR
Fair value
Level 1
Level 2
Level 3
Investments in funds
178,555
3,854
0
174,701
Other non-current investments
715
689
0
25
Current financial assets at FVTPL*
3,529
3,509
20
0
*fair value through profit or loss
The different levels have been defined as follows:
Level 1 \u2013 Quoted prices (unjusted) in active markets for identical assets
Level 2 \u2013 Other than quoted prices included within Level 1 that are observable for the asset, either directly (that is, as
price) or indirectly (that is, derived from prices)
Level 3 \u2013 The asset that is not based on observable market data
1,000 EUR
Level 1
Level 2
Level 3
Total
Non-current investments at fair value through
profit or loss
Investments in funds
at Jan 1
4,318
162,903
167,221
Additions
25,118
25,118
Acquisitions
5
5
Distributions
-20,812
-20,812
Disposals
-8,016
-8,016
Fair value gains/losses\u00a0
15,503
15,503
Transfers*
-464
0
-464
at the end of period
3,854
174,701
178,555
Other investments
at Jan 1
545
0
25
570
Additions
42
42
Fair value gains/losses\u00a0
102
102
at the end of period
689
0
25
715
* Includes the change of cash and cash equivalents of the subsidiary CapMan Fund Investments SICAV-SIF, classified as fund investments,
Fair value hierarchy of financial assets measured at fair value at 31 December 2023
1,000 EUR
Fair value
Level 1
Level 2
Level 3
Investments in funds
167,221
4,318
0
162,903
Other non-current investments
571
545
0
25
Current financial assets at FVTPL*
3,790
3,790
0
0
*fair value through profit or loss
The different levels have been defined as follows:
Level 1 \u2013 Quoted prices (unjusted) in active markets for identical assets
Level 2 \u2013 Other than quoted prices included within Level 1 that are observable for the asset, either directly (that is, as
price) or indirectly (that is, derived from prices)
Level 3 \u2013 The asset that is not based on observable market data
1,000 EUR
Level 1
Level 2
Level 3
Total
Non-current investments at fair value through
profit or loss
Investments in funds
at Jan 1
980
157,927
158,907
Additions
19,017
19,017
Distributions
-589
-9,465
-10,054
Disposals
-15,623
-15,623
Fair value gains/losses\u00a0
7,746
7,746
Transfers*
3,927
0
3,927
at the end of period
4,318
162,903
167,221
Other investments
at Jan 1
482
0
25
507
Additions
42
42
Fair value gains/losses\u00a0
21
21
at the end of period
545
0
25
571
* Includes the change of cash and cash equivalents of the subsidiary CapMan Fund Investments SICAV-SIF, classified as fund investments,
Sensitivity analysis of Level 3 investments at 31 December 2025
Investment area
Fair Value MEUR,
31 December 2025
Valuation methodology
Unobservable inputs
Used input value (weighted
average)
Change in input value
Fair value sensitivity
Private Equity
48.8
Peer group
Peer group earnings multiples
EV/EBITDA 2025 11.7\u00d7
+/\u2013 10%
+/\u2013 5.2 MEUR
Discount to peer group multiples
17%
+/\u2013 10%
\u2013/+ 1.1 MEUR
Real Estate
53.1
Valuation by an independent valuer
FX rate
EUR/SEK 10.8215
+/\u20131%
\u2013/+ 0.3 MEUR
EUR/DKK 7.4689
+/\u20131%
\u2013/+ 0.4 MEUR
EUR/NOK 11.843
+/\u20131%
\u2013/+ 0.1 MEUR
Infra
21.0
Discounted cash flows
Terminal value
EV/EBITDA 14.4\u00d7
+/\u2013 5%
+/\u20131.6 MEUR
Discount rate; market rate and risk
premium
13%
+/\u2013 100 bps
\u2013/+ 2.2 MEUR
Credit
7.1
Discounted cash flows
Discount rate; market rate and risk
premium
9%
+/\u2013 100 bps
\u20130.1 MEUR / value change based on a
change in the discount rate is not
booked
Natural Capital
2.0
Valuation by an independent valuer
Wood prices
na
+/\u2013 2.5%
+/\u2013 0.3 MEUR
Discount rate
4%
+\u20130.3%
\u2013/+ 0.8 MEUR
Investments in funds-of-funds
7.9
Reports from PE fund management
company
FX rate
EUR/USD 1.175
+/\u20131%
\u2013/+ 0.1 MEUR
Investments in external venture capital funds
35.0
Reports from PE fund management
company
Adjustment to the reported value
8%
+/\u2013 10%
\u2013 0.3 MEUR / +0.3 MEUR
Sensitivity analysis of Level 3 investments at 31 December 2024
Investment area
Fair Value MEUR,
31 December 2024
Valuation methodology
Unobservable inputs
Used input value (weighted
average)
Change in input value
Fair value sensitivity
Private Equity
50.3
Peer group
Peer group earnings multiples
EV/EBITDA 2024 12.1\u00d7
+/\u2013 10%
+/\u2013 5.2 MEUR
Discount to peer group multiples
20%
+/\u2013 10%
\u2013/+ 1.4 MEUR
Real Estate
39.3
Valuation by an independent valuer
FX rate
EUR/SEK 11.4590
+/\u20131%
\u2013/+ 0.1 MEUR
EUR/DKK 7.4578
+/\u20131%
\u2013/+ 0.1 MEUR
EUR/NOK 11.7950
+/\u20131%
\u2013/+ 0.0 MEUR
Infra
17.7
Discounted cash flows
Terminal value
EV/EBITDA 14.6\u00d7
+/\u2013 5%
+/\u2013 1.2 MEUR
Discount rate; market rate and risk
premium
13%
+/\u2013 100 bps
\u2013/+ 1.9 MEUR
Credit
5.9
Discounted cash flows
Discount rate; market rate and risk
premium
10%
+/\u2013 100 bps
\u20130.2 MEUR / value change based on a
change in the discount rate is not
booked
Natural Capital
2.9
Valuation by an independent valuer
Wood prices
na
+/\u2013 2.5%
+/\u2013 0.3 MEUR
Discount rate
4%
+\u20130.3%
\u2013/+ 0.9 MEUR
Investments in funds-of-funds
7.8
Reports from PE fund management
company
FX rate
EUR/USD 1.0389
+/\u20131%
\u2013/+ 0.1 MEUR
Investments in external venture capital funds
39.1
Reports from PE fund management
company
CapMan has made some investments also in funds that are not managed by CapMan Group companies. The fair values
of these investments in CapMan\u2019s balance sheet are primarily based on the valuations by the respective fund managers.
No separate sensitivity analysis is prepared by CapMan for these investments. However, CapMan evaluates the significant
investments individually and makes adjustments to them if necessary. Separate sensitivity analysis is prepared by
CapMan for these adjustments.
The changes in the peer group earnings multiples and the peer group discounts are typically opposite to each other.
Therefore, if the peer group multiples increase, a higher discount is typically applied. Because of this, a change in the
peer group multiples may not in full be reflected in the fair values of the fund investments.
The valuations are based on euro. If portfolio company\u2019s reporting currency is other than euro, P&L items used in the basis
of valuation are converted applying the average foreign exchange rate for corresponding year and the balance sheet items
are converted applying the rate at the time of reporting. Changes in the foreign exchange rates, in CapMan\u2019s estimate,
have no significant direct impact on the fair values calculated by peer group multiples during the reporting period.
The valuation of CapMan funds\u2019 investment is based on international valuation guidelines that are widely used and
accepted within the industry and among investors. CapMan always aims at valuing funds\u2019 investments at their actual
value. Fair value is the best estimate of the price that would be received by selling an asset in an orderly transaction
between market participants on the measurement date.
Determining the fair value of fund investments for funds investing in portfolio companies is carried out using International
Private Equity and Venture Capital Valuation Guidelines (IPEVG). In estimating fair value for an investment, CapMan
applies a technique or techniques that is/are appropriate in light of the nature, facts, and circumstances of the investment
in the context of the total investment portfolio. In doing this, current market data and several inputs, including the nature
of the investment, local market conditions, trading values on public exchanges for comparable securities, current and
projected operating performance, and the financial situation of the investment, are evaluated and combined with market
participant assumptions. In selecting the appropriate valuation technique for each particular investment, consideration of
those specific terms of the investment that may impact its fair value is required.
Different methodologies may be considered. The most applied methodologies at CapMan include available market price
for actively traded (quoted) investments, earnings multiple valuation technique, whereby public peer group multiples are
used to estimate the value of a particular investment, and the Discounted Cash Flows method, whereby estimated future
cash flows and the terminal value are discounted to the present by applying the appropriate risk-adjusted rate. CapMan
always applies a discount to peer group multiples, due to e.g. limited liquidity of the investments. Due to the qualitative
nature of the valuation methodologies, the fair values are to a considerable degree based on CapMan\u2019s judgment.
The Group has a Risk and Valuation team, which monitors the performance and the price risk of the investment portfolio
(financial assets entered at fair value through profit or loss) independently and objectively of the investment teams. The
Risk and Valuation team is responsible for reviewing the monthly reporting and forecasts for portfolio companies.
Valuation proposals are examined by the Risk and Valuation team and subsequently reviewed and decided by the
Valuation Committee, which comprises at least Valuation Controller, Risk Manager and at least one CapMan AIF
Manager\u2019s Board of Directors. The portfolio company valuations are reviewed in the Valuation Committee on a quarterly
basis. The valuations are back tested against realised exit valuations, and the results of such back testing are reported to
the Audit Committee annually.
Investments in real estate are valued at fair value based on appraisals made by independent external experts, who follow
International Valuation Standards (IVS). The method most appropriate to the use of the property is always applied, or a
combination of such methods. For the most part, the valuation methodology applied is the discounted cash flow method,
which is based on significant unobservable inputs. These inputs include the following:
Future rental cash inflows
Based on the actual location, type and quality of the properties and supported
by the terms of any existing lease, other contracts or external evidence such as
current market rents for similar properties;
Discount rates
Reflecting current market assessments of the uncertainty in the amount and
timing of cash flows;
Estimated vacancy rates
Based on current and expected future market conditions after expiry of any
current lease;
Property operating expenses
Including necessary investments to maintain functionality of the property for its
expected useful life;
Capitalisation rates
Based on actual location size and quality of the properties and taking into
account market data at the valuation date;
Terminal value
Taking into account assumptions regarding maintenance costs , vacancy rates
and market rents.
The investments in natural capital funds that CapMan manages are valued based on appraisals made in cooperation with
independent appraisers with specific experience in the valuation of investments in timberland assets. The main forest
valuation approaches include income approach where the value is the net present value of expected cash flows
discounted at a current market rate, cost approach where the value is based on historical investment cost of the forest
asset (land cost, planting and management cost etc.) and market approach where the value is based on the transaction
values of comparable forest assets.
Valuations based on appraisals by Independent external experts are updated annually for closed-end funds and quarterly
for open-ended funds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-337": { "value": "
The valuations are based on euro. If portfolio company\u2019s reporting currency is other than euro, P&L items used in the basis
of valuation are converted applying the average foreign exchange rate for corresponding year and the balance sheet items
are converted applying the rate at the time of reporting. Changes in the foreign exchange rates, in CapMan\u2019s estimate,
have no significant direct impact on the fair values calculated by peer group multiples during the reporting period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }