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Northern CapSek Ventures (CAPS) investor relations material
Northern CapSek Ventures Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Nov, 2025
Executive summary
Net result for Q3 2025 was approximately -1.1 MSEK, with portfolio revaluations contributing +0.1 MSEK during the quarter.
A non-binding LOI was signed for a merger with Arctic Space Technologies AB, aiming for completion before year-end 2025/2026.
The investment portfolio at period-end included 11 tech companies, with a net asset value of 44.4 MSEK (96.5 SEK per share).
A rights issue after the period raised 7.4 MSEK before costs.
Financial highlights
Q3 2025 net sales were 40 TSEK, down from 52 TSEK in Q3 2024.
EBITDA for Q3 was -1,084 TSEK (Q3 2024: -1,400 TSEK); EBIT was -1,156 TSEK (Q3 2024: -2,388 TSEK).
Net result for Q3 was -1,052 TSEK (Q3 2024: -209 TSEK); EPS was -2.3 SEK (Q3 2024: -1.1 SEK).
For the first nine months, net result was -3,346 TSEK (9M 2024: 1,058 TSEK).
Net asset value per share at period-end was 96.48 SEK; share price was 27 SEK, reflecting a 72% discount.
Outlook and guidance
The company is focused on the planned merger with Arctic Space, viewing it as a strategic shift toward a more operational role.
The defense and space sectors are seen as long-term growth areas, supporting the merger rationale.
The recent capital raise strengthens financial flexibility for ongoing strategic initiatives.
Arctic Space merger: impact on investment strategy?
Plans to address the 72% substance discount?
How will the 7.4 MSEK capital be allocated?
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Next Northern CapSek Ventures earnings date
Q4 202519 Feb, 2026
Next Northern CapSek Ventures earnings date
Q4 202519 Feb, 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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