Creades (CRED) Q4 2024 earnings summary

Executive summary

• Substantial value growth in 2024, with a 13% return on net asset value (NAV), outperforming OMXSGI's 9% and exceeding the absolute target of 7.5%.

• Strong Q4 performance: NAV return of 3% versus OMXSGI's -6%.

• Proposed dividend remains at SEK 1.60 per share, totaling SEK 217 mn, to be paid quarterly.

• Portfolio rebalancing included Apotea's IPO and Creaspac's liquidation.

Financial highlights

• Full-year NAV increased by SEK 991 mn after SEK 210 mn in dividends; NAV per share at SEK 75.

• Net income for the year was SEK 1,202 mn (SEK 8.85 per share), up from SEK 558 mn (SEK 4.11 per share) year-over-year.

• Q4 net income was SEK 287 mn (SEK 2.12 per share).

• Solid cash position: SEK 717 mn in liquid assets at year-end, up from SEK 299 mn.

• Equity increased to SEK 10,159 mn, with a 99% equity ratio.

Outlook and guidance

• Management expects the current portfolio, with a tilt toward defensive growth, to perform well even in a weaker economic climate.

• No significant post-balance sheet events reported.