Svolder (SVOL) Q2 25/26 earnings summary

Executive summary

• Net result for the quarter was -372 MSEK (-3.60 SEK per share), compared to 519 MSEK (5.10 SEK) last year.

• Substansvärde (NAV) per share decreased by 6.4% to 52.30 SEK, and share price (B) fell 9.3% to 51.95 SEK, both including reinvested dividends.

• Portfolio performance lagged the Carnegie Small Cap Return Index, which declined 1.9% in the quarter.

• Quarterly dividend of 46 MSEK (0.45 SEK per share) was paid.

• Largest positive contributors: FM Mattsson, XANO Industri; largest negative: Troax, Ependion, New Wave.

Financial highlights

• Six-month result: -409 MSEK (-4.00 SEK per share), NAV down 7.0%, share price down 2.0%.

• NAV at period end: 52.30 SEK per share (5,355 MSEK total).

• Cash and equivalents: 360 MSEK; net receivable 377 MSEK (7.0% of NAV).

• No portfolio leverage; credit facility of 500 MSEK remains unused.

• Equity ratio (soliditet): 100%.

Outlook and guidance

• Management sees current small-cap discount as structurally driven, not just cyclical.

• Long-term prospects for small caps seen as attractive, with expected earnings growth outpacing large caps in coming years.

• Focus remains on disciplined capital allocation and maintaining financial strength.