Havsfrun Investment (HAV) Q1 2025 earnings summary

Executive summary

• Net asset value (NAV) per share increased by 2.4% compared to a 0.4% decrease in the same quarter last year; NAV at March 31, 2025, was SEK 113.1m (SEK 124.6m), or SEK 9.34 per share (SEK 10.29).

• Group profit for the quarter was SEK 2.6m (SEK -0.5m), or SEK 0.22 per share (SEK -0.04).

• B share total return was 39.9% (3.7%); closing price SEK 17.70 (SEK 15.50), trading at an 89.5% premium to NAV (50.6%).

• AGM approved a dividend of SEK 1.00 per share (SEK 12.1m) for 2024, paid April 16, 2025.

Financial highlights

• Investment portfolio rose 11% during the quarter, outperforming the global equity market (down 10.2%) and Swedish market (down 0.2%).

• Cash and cash equivalents at quarter-end were SEK 58.8m (SEK 75.9m); equity ratio 98.5% (99.0%).

• Total assets at March 31, 2025, were SEK 114.8m (SEK 125.8m); equity SEK 113.1m (SEK 124.6m).

• No material related party transactions beyond standard compensation.

Outlook and guidance

• Focus remains on value creation through opportunistic business acquisitions and capitalizing on the company’s stock market experience.

• Plans to launch a SPAC with equity of about SEK 25m, targeting smaller company acquisitions and aiming for Nasdaq Stockholm listing in 2025.

• Investment strategy remains cautious, prioritizing liquidity and flexibility for future opportunities.