Svolder (SVOL) Q1 25/26 earnings summary

Executive summary

• Net loss of -37 MSEK for the quarter, a significant improvement from -469 MSEK in the same period last year, with EPS at -0.40 SEK compared to -4.6 SEK.

• Substansvärde (net asset value) per share decreased by 0.6% to 56.40 SEK, while the share price (B) rose 8.1% to 57.80 SEK, outperforming the Carnegie Small Cap Return Index's 0.2% increase.

• Dividend of 1.80 SEK per share (total 184 MSEK) decided, with 0.45 SEK per share paid during the period.

• Portfolio adjustments included increased holdings in Systemair, Platzer, and Troax, and full divestment of engcon and Profoto.

Financial highlights

• Reported result for the period: -37 MSEK (-469 MSEK last year).

• Substansvärde per share: 56.40 SEK (57.20 SEK last year).

• Share price (B): 57.80 SEK (53.90 SEK last year).

• Total return over 1/3/5/10 years: NAV 8/5/54/305%, Share price (B) 9/-2/41/360%.

• Portfolio market value: 5,773 MSEK, with 18 holdings.

Outlook and guidance

• Focus remains on deep analysis of portfolio companies' balance sheets and cash flows as capital costs continue to influence valuations.

• Swedish small caps expected to grow earnings by 7% in 2025 and 21% in 2026, with improved prospects for well-managed companies.