Creades (CRED) Q3 2026 earnings summary

Executive summary

• NAV return was +16% for Jan-Sep, ahead of OMXSGI at +10%; Q3 return was -1% versus the index’s +2%.

• NAV increased SEK 1,593 mn after dividends during Jan-Sep, while Q3 NAV declined SEK 208 mn after dividends.

• Listed assets generated the main year-to-date contribution; unlisted assets also returned to positive territory for the year.

Financial highlights

• Investment result was SEK 1,756 mn for Jan-Sep 2026 versus SEK 1,011 mn in 2025; Q3 result was SEK -154 mn versus SEK 231 mn.

• EPS was SEK 12.93 for Jan-Sep versus SEK 7.45; Q3 EPS was SEK -1.13 versus SEK 1.70.

• Investment activities generated SEK 1,858 mn for Jan-Sep, including SEK 1,606 mn in fair-value gains on portfolio holdings.

Outlook and guidance

• Long-term return objective remains above 7.5% annually and above OMXSGI; year-to-date NAV return exceeded both benchmarks’ reported returns for the period.

• Management retained cautious optimism on markets, with caveats for geopolitical uncertainty, rising AI-related capital needs and concerning long-term interest-rate trends.

• Investment approach remains focused on long-term ownership and opportunistic action rather than forecasting quarter-to-quarter market movements.