Havsfrun Investment
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Havsfrun Investment (HAV) investor relations material

Havsfrun Investment Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary18 Feb, 2026

Executive summary

  • Substantial improvement in annual results, with net income of 12.9 MSEK compared to -2.5 MSEK the previous year, and EPS of 1.07 SEK versus -0.21 SEK.

  • Net asset value (NAV) per share increased by 11.7% year-over-year, adjusted for dividends, reaching 9.09 SEK per share.

  • B share total return was 23.7% for the year, with the share price closing at 14.55 SEK, a 60% premium to NAV.

  • Strategic expansion through the establishment and listing of subsidiary HF Reverse (RTO) AB, focusing on smaller acquisitions and reverse takeovers.

  • Proposed dividend of 1.00 SEK per share, yielding 6.9%.

Financial highlights

  • NAV at year-end: 110.1 MSEK (previous year: 110.4 MSEK).

  • Annual net income: 12.9 MSEK (previous year: -2.5 MSEK).

  • Cash and cash equivalents: 60.5 MSEK at year-end.

  • Investment portfolio grew by 42.2% in value, outperforming both Swedish and global equity indices.

  • B share total return: 23.7% (previous year: -8.6%).

Outlook and guidance

  • January 2026 saw a further 0.1% increase in NAV, with a continued focus on liquid financial assets pending new structural investments.

  • The company aims to act opportunistically to identify value-creating opportunities, leveraging its public listing and new business areas.

Why is HF Reverse not valued at market price?
Future capital allocation strategy
Drivers of B-share premium vs NAV
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Frequently asked questions

Havsfrun Investment AB is a Swedish investment company that manages a diversified, multi-strategy portfolio. The company's investments include hedge funds, mutual funds, individual stocks, and stock indices, spanning various strategies such as multi-strategy, global macro, equity long/short, credit, and event-driven funds. The company is headquartered in Stockholm, Sweden, and its shares are listed on the Nasdaq Stockholm.

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