CapMan’s Q1 fee income of EUR 15.9m grew 22% y/y and was 7% ahead of our estimate of EUR 14.9m. Fee profit of EUR 2.2m grew clearly and was up by 48% y/y, although still slightly below our estimate of EUR 2.8m. Driven by higher-than-expected positive fair value changes (EUR 3.6m vs. NDAe EUR 1.0m) but mitigated by softer net carried interest bookings (EUR 0.3m vs. NDAe EUR 1.0m) group level adjusted EBIT of EUR 6.1m came clearly above our estimate of EUR 4.8m. AuM remained largely stable relative to the previous quarter end at EUR 7.2bn and the company outlook for 2026 was reiterated (AuM and fee profit to grow in 2026). Taken together, reflecting good underlying performance and strong group profitability, we expect a neutral or slightly negative share price reaction today.