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Linc (LINC) investor relations material

Linc Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary23 Oct, 2025

Executive summary

  • Strong recovery in Q3 2025 with a return on NAV per share of 8.5% compared to -0.3% last year, driven by a few key holdings, especially MedCap and Sedana Medical.

  • For the first nine months, NAV per share declined by 6.0% versus a 30.9% increase last year, reflecting market volatility and negative currency effects.

  • The company remains well-capitalized and opportunistic, increasing positions in promising holdings and maintaining a long-term investment perspective.

Financial highlights

  • Q3 2025 management result: SEK 354.3m (Q3 2024: -SEK 18.4m); EBIT: SEK 351.0m (-SEK 21.1m); net result after tax: SEK 353.7m (-SEK 11.8m); EPS: SEK 6.1 (-0.2).

  • 9M 2025 management result: -SEK 292.5m (9M 2024: SEK 1,082.6m); EBIT: -SEK 302.1m (SEK 1,074.2m); net result after tax: -SEK 291.5m (SEK 1,090.5m); EPS: -SEK 5.0 (18.8).

  • Q3 value change in listed holdings: +13.5%, SEK 334.9m; unlisted: -2.0%, -SEK 7.7m.

  • 9M value change in listed holdings: -8.1%, -SEK 247.1m; unlisted: +11.0%, SEK 39.6m.

  • Largest positive Q3 contributor: MedCap (+SEK 347.0m, +26.1%).

Outlook and guidance

  • Early signs of stabilization and recovery in biotech, especially for companies with advanced projects and near-term commercialization.

  • Regulatory and trade uncertainties in the US expected to have a mild aggregate impact; interest rate cuts and stronger capital markets may boost risk appetite.

  • The company is well-positioned to capitalize on market opportunities with a strong balance sheet.

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Frequently asked questions

Linc AB is a private equity and venture capital firm, specializing in early, mid and late venture investments. Linc operates in Sweden, focusing on investments in technologies or companies that have the potential to become clear world leaders. Link ABs investments are spread across our different brands - Linc Ventures, NB Ventures, HVB Group and Hamburg Invest. Linc AB is headquartered in Stockholm, Sweden.

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