Linc (LINC) investor relations material

Executive summary

• Net asset value (NAV) per share decreased by 4.0% in Q1 2026, compared to -20.6% in Q1 2025.

• Result from management operations was -162 MSEK, a significant improvement from -1,014 MSEK in Q1 2025.

• Operating result (EBIT) was -166 MSEK, and net result after tax was -177 MSEK, both improved year-over-year.

• Key portfolio events included increased stakes in C-RAD, Sedana Medical, Egetis Therapeutics, and Photocure, as well as new investments in Oncorena and Alder Therapeutics.

• Market conditions remained challenging, with reduced risk appetite and higher capital costs impacting smaller and biotech companies.

Financial highlights

• NAV at quarter-end was 4,254 MSEK (73.5 SEK/share), up from 3,835 MSEK (66.2 SEK/share) a year earlier but down from 4,431 MSEK (76.5 SEK/share) at year-end 2025.

• Net result per share was -3.1 SEK, compared to -17.2 SEK in Q1 2025.

• Portfolio value at fair value was 3,871 MSEK, up from 3,203 MSEK a year earlier.

• Return on NAV per share was -4.0% for the quarter.

• Largest negative portfolio contributors: MedCap (-241.7 MSEK, -14.8%) and OssDsign (-55.4 MSEK, -44.0%). Largest positive: Medivir (+143.3 MSEK, +506.4%) and Stille (+47.3 MSEK, +11.7%).

Outlook and guidance

• The company remains well-capitalized and positioned to take advantage of market opportunities, despite ongoing market turbulence.

• Focus remains on selective, long-term investments in companies with clear clinical and commercial potential.

• Ongoing regulatory and clinical milestones in key holdings, such as Egetis Therapeutics and Sedana Medical, are expected to drive future value.