H100 Group (H100) H2 25/26 earnings summary

Executive summary

• 2025 marked a transformative year, with a strategic pivot to a dual focus on health tech and Bitcoin treasury operations, including a reverse takeover and public listing in April.

• The group accumulated 1,046 Bitcoin by year-end, becoming the largest listed Bitcoin treasury in the Nordics and among the top 50 globally.

• Significant capital was raised (approx. SEK 1,189 MSEK) to support the Bitcoin strategy, and the company expanded its market presence to the US and Germany.

• The fourth quarter was a period of consolidation, infrastructure building, and adaptation to weaker capital markets.

Financial highlights

• Q4 net sales: 3 MSEK (up from 2.2 MSEK YoY); full-year net sales: 11.8 MSEK (down from 14.1 MSEK YoY).

• Q4 operating loss (EBIT): -296.4 MSEK (vs. -0.4 MSEK YoY), with 291.7 MSEK from non-cash depreciation/impairment.

• Full-year operating loss: -340.5 MSEK (vs. -0.3 MSEK YoY), with 324.2 MSEK from non-cash items.

• Q4 loss after tax: -300.1 MSEK (vs. -0.5 MSEK YoY); full-year loss after tax: -354.8 MSEK (vs. -0.8 MSEK YoY).

• Q4 EPS: -0.91 SEK (vs. -0.01 SEK YoY); full-year EPS: -1.76 SEK (vs. -0.02 SEK YoY).

• Equity ratio at year-end: 91% (up from 43% YoY).

Outlook and guidance

• No formal forecasts provided; focus remains on disciplined Bitcoin accumulation and health tech growth.

• Strategic expansion into Switzerland via acquisition of Future Holdings AG in early 2026 to enhance institutional credibility and access to capital.