Alpcot (ALPCOT) investor relations material

Executive summary

• Provisions income rose 112% year-over-year to 55.7 MSEK in Q2 and 74% to 93.2 MSEK for H1 2026, driven by organic growth and the GADD acquisition.

• Operating profit (EBITDA, adjusted) reached 4.3 MSEK in Q2 and 6.9 MSEK for H1, both significant improvements over prior periods.

• Net result for Q2 was -2.1 MSEK (improved from -10.3 MSEK), and for H1 was -1.7 MSEK (down from 2.8 MSEK last year).

• Strong growth in managed portfolios and funds, with portfolio management capital at 7,404 MSEK and fund capital at 3,661 MSEK at quarter-end.

• Customer base expanded to 13,152 deposit customers, up 6.5% year-over-year.

Financial highlights

• Q2 provisions income: 55.7 MSEK (26.3), Q2 EBITDA: 4.3 MSEK (0.5), Q2 net result: -2.1 MSEK (-10.3).

• H1 provisions income: 93.2 MSEK (53.6), H1 EBITDA: 6.9 MSEK (2.2), H1 net result: -1.7 MSEK (2.8).

• Equity at quarter-end: 118.8 MSEK (80.1), equity per share: 0.60 SEK (0.40), solidity: 55% (68%).

• Cash and equivalents: 33.4 MSEK (19.7), negative Q2 cash flow due to loan amortization and GADD earn-out payment.

• Fund performance H1: Alpcot Equities +38.8%, Alpcot Fixed Income +2.5%, GADD SMP +2.7%.

Outlook and guidance

• Focus remains on profitable growth, quality, scalability, and customer value for the remainder of 2026.

• Integration of GADD progressing as planned, with continued expansion of advisor network and digital platform investments.

• Financial targets for 2027: revenue of at least 110–120 MSEK (excl. performance fees) and EBITDA margin of at least 30%.