CapMan’s Q3 fee income of EUR 15.6m grew 3% y/y but was 9% below our estimate of EUR 17.1m. Fee profit of EUR 3.0m declined by 16% y/y, and came below our estimate of EUR 4.2m, while the fee profit margin (19.1%) declined by 4.3 bp y/y. Driven mainly by lower-than-expected positive fair value changes (EUR 0.6m vs. NDAe EUR 3.2m) group level adjusted EBIT of EUR 7.2m came below our estimate of EUR 9.2m. AuM remained at EUR 7.7bn (Q2: EUR 7.7bn), in line with our expectation, while EUR 3.6m of carried interest was booked (our estimate: EUR 1.8m). The company outlook for 2026 was reiterated (AuM and fee profit to grow in 2026). Management points to a more mixed environment in alternative assets driven by higher interest rates, which weighs in on real estate strategies. Taken together, and reflecting a fair value driven EBIT miss, we expect a neutral to slightly negative share price reaction today.