Arvo Sijoitusosuuskunta (ARVOSK) H1 2026 earnings summary

Executive summary

• Strong operational performance in H1 2026, with group net profit rising to €7.0M from €2.7M year-over-year, driven by a successful exit from HANZA AB shares, though parent company profit declined to €4.8M from €7.8M due to non-recurring items and lack of subsidiary dividends.

• Three new direct investments and one follow-on were made; direct investments now comprise 40% of the portfolio by fair value.

• HANZA AB share sale generated a €6.9M capital gain; Summa Defence Oyj’s market value decline caused a €1.2M impairment.

Financial highlights

• Group revenue increased to €33.8M from €17.5M year-over-year; parent company revenue rose to €27.5M from €16.8M.

• Group EBIT was €8.5M (up from €6.5M); group EPS was €8.57 (up from €3.26); parent company EPS was €5.88 (down from €9.60).

• Annualized return on invested capital reached 17.0% (up from 10.3%).

• Equity ratio remained high at 88.6% (up from 86.6%).

• Cash and cash equivalents at period end were €3.5M (up from €2.5M).

Outlook and guidance

• No short-term outlook published, but economic conditions for Finnish SMEs are improving, with expectations of continued growth and stable profitability for the remainder of 2026.

• Focus remains on disciplined capital allocation, active ownership, and expanding direct investments.