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Linc
Linc (LINC) investor relations material
Linc Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary22 Jan, 2026
Executive summary
Substantial decline in net asset value and earnings for both Q4 and full year 2025, with negative returns and losses across key metrics compared to strong results in 2024.
No dividend proposed for the period, reflecting the challenging financial environment.
Despite financial setbacks, several portfolio companies achieved operational milestones and successful capital raises.
Financial highlights
Q4 2025 return on net asset value per share: -2.4% (4.6% in Q4 2024).
Q4 result from management operations: -116.8 MSEK (208.7 MSEK); operating result: -120.7 MSEK (202.8 MSEK); net result after tax: -108.2 MSEK (211.1 MSEK); EPS: -1.9 SEK (3.6 SEK).
Full year 2025 return on net asset value per share: -8.3% (36.9% in 2024).
Full year result from management operations: -409.3 MSEK (1,291.2 MSEK); operating result: -422.8 MSEK (1,277.0 MSEK); net result after tax: -399.6 MSEK (1,301.6 MSEK); EPS: -6.9 SEK (22.5 SEK).
Net asset value at year-end: 4,431 MSEK (4,831 MSEK); net asset value per share: 76.5 SEK (83.4 SEK).
Solid equity ratio of 99.7% at year-end.
Outlook and guidance
Entering 2026 with a strong financial position and well-funded major biotech holdings.
Medtech segment expected to continue generating significant cash flow, supporting organic and acquisition-driven growth.
Regulatory and pricing uncertainties in the US persist, but anticipated to have a mild aggregate impact; lower interest rates could boost risk appetite in biotech.
Biotech financing strategy going forward
Medtech vs Biotech capital allocation?
Criteria for opportunistic investments
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Next Linc earnings date
Q1 202623 Apr, 2026
Linc
Next Linc earnings date
Q1 202623 Apr, 2026
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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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