Case Group (CASE) investor relations material

Executive summary

• Q3 commissions revenue fell 9% YoY to SEK 52.0M and commission net fell 10% to SEK 27.4M; operating profit rose to SEK 14.8M from SEK 14.0M.

• Assets under management declined 6% YoY to SEK 19,799M, while quarterly EPS increased to SEK 0.38 from SEK 0.36.

• Management cited a challenging market but highlighted broader pension-platform access, two new ICA Banken funds and controlled costs as supports for long-term positioning.

Financial highlights

• Q3 commissions revenue was SEK 52.0M versus SEK 57.2M; commission net was SEK 27.4M versus SEK 30.6M.

• Q3 costs declined to SEK 12.6M from SEK 16.6M; operating profit was SEK 14.8M versus SEK 14.0M, and net profit was SEK 12.2M versus SEK 11.5M.

• Q3 operating cash flow was SEK 15.5M and total period cash flow SEK 9.4M; quarter-end cash was SEK 60.8M versus SEK 69.5M a year earlier.

• Q1–Q3 commissions revenue was SEK 150.4M, commission net SEK 76.5M, operating profit SEK 33.2M and net profit SEK 26.4M.

Outlook and guidance

• Management expects the underlying cost base, with the current organization and structure, not to rise materially faster than general cost trends.

• Expanded pension-platform distribution is viewed as a long-term opportunity to grow AUM through recurring contributions that are less tied to market cycles.

• Management expects volatility-related structured-product assets and small-cap flows to recover when market concerns ease.