Navigo Invest (NAVIGO) investor relations material

Executive summary

• 9M revenue rose 10% YoY to SEK 496.8M and EBITDA increased 74% to SEK 88.8M; Q3 revenue fell 6% and EBITDA declined nearly 15% YoY.

• Q3 operating loss of SEK 409.9M and 9M operating loss of SEK 351.6M included a SEK 416M impairment of the Nordisk Bergteknik associate; non-cash and without impact on parent-company NAV.

• NAV per ordinary share was SEK 9.51 at Sep. 30, down 3% QoQ and 5.1% since year-end; the share traded at a 68% NAV discount at quarter-end.

Financial highlights

• Q3 revenue was SEK 142.2M vs. SEK 151.4M YoY; EBITDA was SEK 19.8M vs. SEK 23.1M.

• 9M net loss was SEK 388.4M vs. net income of SEK 17.3M YoY; diluted EPS was negative SEK 4.61 vs. positive SEK 0.16.

• 9M operating cash flow was negative SEK 44.1M vs. positive SEK 4.4M; financing cash flow was positive SEK 45.1M and net cash flow was positive SEK 0.3M.

• Parent-company 9M operating loss before depreciation and associate results improved ~16% to SEK 7.8M; total comprehensive loss was SEK 25.4M, including portfolio revaluations.

Outlook and guidance

• Priorities are to reduce Vinga’s capital tied up in working capital, restore primary-market transactions as its main revenue source, and improve cash conversion.

• A second priority is restoring Nordisk Bergteknik’s earnings and capital efficiency; the stated financial target is 15% annual growth in NAV per ordinary share.

• Vinga cited an attractive Q4 pipeline, with a sustainable-food financing transaction expected to launch in November and Patriam returning as a bond issuer in Q4.

• Geogruppen’s Bollebygd–Gothenburg rail survey project is expected to start in Q1 2027; CalorMet expects delayed project deliveries in Q4 and is building its order book for 2027.