Capital Co.

# Annual
Report

# 2025

## Table of

## Contents

Capital Co.

## Dear

## Shareholders

We are pleased to present the Capital Co. Annual Report for 2025. This past year has been one of remarkable growth and transformation. Through strategic investments and dedication to innovation, we have strengthened our position as a trusted leader in financial advisory services.

The global financial landscape continued to evolve rapidly in 2025. Market volatility, shifting regulatory frameworks, and the accelerating adoption of digital finance presented both challenges and opportunities. Capital Co. responded with agility, leveraging our deep expertise and technology-driven approach to deliver exceptional outcomes for our clients.

Our revenue reached €62.8 million, a 14% increase year-over-year, driven by strong performance across our portfolio management and advisory services. Client satisfaction scores rose to 94%, reflecting our unwavering commitment to personalized service and transparent communication.

We expanded our global footprint significantly, opening new offices in Singapore and Zürich, bringing our international presence to twelve markets. These strategic expansions have enabled us to serve our clients more effectively and tap into high-growth markets with substantial potential.

Innovation remained at the core of our strategy. We launched our next-generation advisory platform, integrating advanced analytics and AI-powered insights to provide our clients with more informed decision-making tools. This platform has already been adopted by over 3,000 advisors and has contributed to a 22% improvement in portfolio performance for participating clients.

Looking ahead, we see tremendous opportunity. The convergence of technology and finance continues to accelerate, and Capital Co. is uniquely positioned to lead this transformation. We remain committed to investing in our people, technology, and global reach to deliver sustainable value for all stakeholders.

Thank you for your continued trust and support. Together, we are building a stronger, more resilient financial future.

Marcus Chen

Chief Executive Officer

# 2.
Company Overview

2.1.
Year at a Glance

Our key performance indicators for 2025 reflect strong growth across all business segments. These numbers demonstrate the effectiveness of our strategic investments and the dedication of our global team.

€7.5B

Total assets under management, positioning Capital Co. as a leading financial advisory firm serving institutional and high-net-worth clients across twelve global markets.

14%

Year-over-year revenue growth, driven by strong performance across advisory services and portfolio management, exceeding industry benchmarks.

10,240

Active client accounts across institutional, corporate, and private wealth segments, reflecting the trust and confidence our clients place in our expertise.

2.2.
Strategic Pillars

Capital Co. positions itself toward the innovative end of the advisory spectrum, investing heavily in AI-driven analytics while maintaining the human expertise our clients trust. With six offices across four continents, we lean strongly global yet retain deep specialist focus in advisory and portfolio management — a deliberate balance in our digital transformation strategy.

Strategic Positioning 2025
Capital Co.
Peers
Industry Avg.
2.3.
Our Team

Our team has grown significantly over the past five years, reflecting our expanding operations and commitment to attracting top talent across all markets.

In 2025, we welcomed 68 new team members across our global offices, bringing our total headcount to 320 professionals. This growth was driven primarily by expansion in our technology and advisory divisions, where we have invested heavily in building capabilities for next-generation financial services.

Our talent strategy focuses on diversity, development, and retention. We are proud that 47% of our senior leadership positions are held by women, and our employee retention rate of 92% exceeds industry averages by a significant margin. We continue to invest in professional development programs and create an environment where exceptional people can do their best work.

Headcount by Office & Department — 320 Total
Total Headcount
New Hires 2025
2.4.
Global Presence

Capital Co. operates from six offices across four continents, managing €7.5 billion in assets for over 9,200 clients worldwide. Our global footprint allows us to combine local market expertise with the resources and reach of an international firm — delivering consistent, high-quality advisory and portfolio management wherever our clients need us.

Americas

Our New York headquarters anchors the Americas region with 106 professionals managing €2.8B in assets. The São Paulo office, established in 2016, extends our reach into Latin American markets with a growing team of 28.

Europe

London and Zürich together employ 100 professionals overseeing €2.2B. London focuses on advisory services for institutional clients, while Zürich specialises in portfolio management for private wealth.

Asia

Singapore and Hong Kong form our Asia-Pacific hub with 76 professionals and €2.1B under management. The region has seen the fastest growth, with headcount increasing 32% year over year.

Outlook

We plan to expand into the Middle East and strengthen our presence in Southeast Asia during 2026. Our global footprint of 320 professionals across six offices positions us to serve clients wherever opportunities arise.

##### Key Metrics 2025

Products & Services 424 ↑
Net Income €11.9M ↑
Client Accounts 10,240 ↑
Employee Count 320 ↑
Markets Served 12 ↑
Client Satisfaction 94% ↑
Revenue Growth 14% ↑

# 3.
Financial Performance

3.1.
Income Statement

in € thousands | 2025 | 2024 | 2023
--- | --- | --- | ---
Revenue
Advisory Fees | 28.452 | 24.836 | 21.348
Portfolio Management | 19.874 | 17.592 | 15.623
Transaction Fees | 8.634 | 7.412 | 6.891
Other Income | 5.840 | 5.398 | 4.762
Net Revenue | 62.800 | 55.238 | 48.624
Cost of Goods Sold
Direct Personnel | 12.560 | 11.288 | 10.134
Technology & Data | 4.184 | 3.640 | 3.218
Third-Party Services | 2.336 | 2.120 | 1.864
Total COGS | 19.080 | 17.048 | 15.216
Gross Profit | 43.720 | 38.190 | 33.408
Operating Expenses
Salaries & Benefits | 14.236 | 12.854 | 11.438
Rent & Facilities | 3.482 | 3.124 | 2.896
Technology Infrastructure | 2.874 | 2.468 | 2.142
Marketing & Business Dev | 2.146 | 1.842 | 1.624
Professional Services | 1.564 | 1.328 | 1.186
Travel & Entertainment | 1.286 | 1.064 | 942
Depreciation & Amortization | 1.692 | 1.484 | 1.328
Insurance | 894 | 786 | 712
Regulatory & Compliance | 1.124 | 968 | 864
Interest Expense | 748 | 682 | 614
Communications | 648 | 574 | 508
Office Operations | 524 | 462 | 398
Other | 636 | 564 | 406
Net Income | 11.866 | 9.990 | 8.350

3.2.
Revenue Analysis

Total revenue reached €62.8M in 2025, representing a 14% increase year over year. Growth was driven primarily by advisory fees, which rose 15% to €28.5M as we onboarded 1,240 new institutional clients. Portfolio management revenues grew 13% to €19.9M, supported by strong market performance and net positive asset flows across all regions.

Monthly Revenue Range (€M)
€62.8M

Advisory Fees

Advisory fees rose 15% to €28.5M, driven by 1,240 new institutional clients and increased demand for cross-border M&A and restructuring services across all regions.

Portfolio Management

Portfolio management revenues grew 13% to €19.9M, supported by strong market performance and net positive asset flows. Assets under management reached €7.5B by year end.

Transaction Fees

Transaction fees increased 16% to €8.6M, driven by elevated market activity and cross-border deal flow, particularly in the Asia-Pacific region during H2.

Outlook

Our diversified revenue mix — with no single segment exceeding 45% of total revenue — provides resilience against market volatility and positions us well for sustained growth into 2026.

3.3.
Milestones of
Our Success
01
Global Expansion
Entered three new international markets, establishing offices in Singapore, Zürich, and São Paulo.
02
Platform Launch
Released next-generation advisory platform with AI-powered analytics and real-time insights.
03
Record Revenue
Achieved €62.8M in annual revenue, a 14% year-over-year increase driven by strong client growth.
04
Client Growth
Surpassed 10,000 active client accounts across institutional and private wealth segments.
05
Innovation Award
Received industry recognition for excellence in financial technology innovation and client service.
06
Sustainability
Achieved carbon-neutral operations across all global offices and committed to ESG-aligned investing.
07
Strategic Alliance
Formed partnership with three major global banks to expand cross-border advisory capabilities.
08
Team Growth
Expanded workforce to 320 professionals with 47% women in senior leadership positions.
09
Digital Transformation
Completed full cloud migration, improving operational efficiency by 30% and reducing infrastructure costs.