Creades (CRED) Q1 2026 earnings summary

Executive summary

• Net asset value (NAV) return for Q1 2026 was -4%, underperforming OMXSGI's -1% for the same period.

• Earnings per share were -3.52 SEK, down from +1.31 SEK in Q1 2025.

• Portfolio value decreased by SEK 532 mn after a SEK 54 mn dividend payout.

• Major write-downs in unlisted holdings, especially SaaS/software companies, due to market revaluation and AI-related concerns.

• Investment of SEK 105 mn for a 5% stake in Nordic Knots, a premium home interior company.

Financial highlights

• Q1 2026 result: SEK -478 mn (Q1 2025: +178 mn).

• NAV per share at quarter-end: 79 SEK (down from 83 SEK at year-end 2025).

• Cash and cash equivalents at quarter-end: SEK 104 mn (down from SEK 287 mn at year-end 2025).

• Dividend of SEK 1.60 per share proposed, unchanged from previous year.

Outlook and guidance

• Management remains confident in long-term prospects, citing strong portfolio companies and early positive macro signals.

• Focus on improving performance in coming quarters, leveraging a flexible investment mandate and internal expertise.