Alpcot (ALPCOT) Q2 2025 earnings summary

Executive summary

• Provisions income rose to 53.6 MSEK for H1 2025, up from 46.8 MSEK year-over-year.

• Operating income (excl. depreciation and value changes) reached 2.2 MSEK, a significant improvement from -11.8 MSEK.

• Net result for H1 2025 was 2.8 MSEK, compared to -23.8 MSEK in H1 2024.

• Three consecutive quarters of positive underlying operating results.

• Capital inflow of approximately 650 MSEK in 2025, with 2,000 new custody clients in Q2.

Financial highlights

• Q2 2025 provisions income: 26.3 MSEK (22.4 MSEK in Q2 2024).

• Q2 net result: -10.3 MSEK (-11.6 MSEK in Q2 2024), mainly due to negative value change in Free Broker Group.

• H1 2025 operating income: 37.4 MSEK (17.6 MSEK in H1 2024).

• H1 2025 EPS: 0.02 SEK (-0.15 SEK in H1 2024).

• Equity at period end: 78.4 MSEK (76.6 MSEK), equity per share 0.48 SEK (0.47 SEK), solidity 72% (68%).

Outlook and guidance

• Management expects continued value creation and platform development for clients and advisors.

• Financial targets for 2027: operating income of 90 MSEK and EBITDA margin of at least 30% (excluding Gadd acquisition).