Northern CapSek Ventures
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Northern CapSek Ventures (CAPS) investor relations material

Northern CapSek Ventures 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 summary19 Feb, 2026

Executive summary

  • Reported a full-year net loss of -8.8 MSEK for 2025, with Q4 net loss at -5.4 MSEK, mainly due to portfolio revaluations and operating costs.

  • Portfolio consists of 11 tech companies, with a focus on scale-up phase; average revenue growth for eight on the scale-up stage was 30% year-over-year.

  • Ongoing due diligence and negotiations for a merger with Arctic Space Technologies, aiming for completion in Q1 2026.

Financial highlights

  • Net sales for 2025 reached 249 TSEK, up from 227 TSEK in 2024; Q4 net sales were 39 TSEK, up from 29 TSEK in Q4 2024.

  • EBITDA for 2025 was -5,570 TSEK, an improvement from -6,371 TSEK in 2024.

  • EBIT for 2025 was -5,855 TSEK, compared to -9,773 TSEK in 2024.

  • Net result for 2025 was -8,793 TSEK, compared to -2,532 TSEK in 2024.

  • Result per share for 2025 was -9.5 SEK, compared to -12.5 SEK in 2024.

  • Substansvärde (NAV) per share at year-end was 47.0 SEK, with a share price discount of 81.5%.

Outlook and guidance

  • Cost base has been reduced, with annualized costs now at approximately 4 MSEK, expected to have full effect in 2026.

  • Strategic focus for 2026 is to complete a structural transaction, primarily the Arctic Space merger.

What is the critical milestone for Arctic Space deal?
Explain the large discount on listed holdings
Impact of reduced costs on 2026 profitability
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Q1 202623 May, 2026
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Frequently asked questions

Northern CapSek Ventures is an investment company specializing in supporting growth-stage technology companies. The company focuses on identifying and financing businesses in sectors such as software, digital services, and technology-driven solutions. Northern CapSek Ventures aims to create value through strategic investments and active engagement with its portfolio companies. The company is headquartered in Gothenburg, Sweden, and its shares are listed on the Spotlight Stock Market.

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