Havsfrun Investment (HAV) Q2 2025 earnings summary

Executive summary

• Net asset value (NAV) per share increased by 5.6% for the period, adjusted for dividends, compared to a 0.5% decrease in the same period last year.

• Group result for H1 2025 was 6.2 MSEK (0.51 SEK/share), up from -0.6 MSEK (-0.05 SEK/share) year-over-year.

• B share total return was 24.9% for H1 2025, compared to -13.7% last year; share price at period end was 14.80 SEK.

• Dividend of 1.00 SEK/share (total 12.1 MSEK) was paid in April 2025 for FY 2024.

Financial highlights

• NAV at June 30, 2025: 104.5 MSEK (8.63 SEK/share), down from 112.4 MSEK (9.28 SEK/share) last year.

• Investment portfolio grew 21.2% in H1 2025, outperforming global and Swedish indices.

• Group cash and bank balances at period end: 45.0 MSEK; equity ratio 98.4%.

• H1 2025 group result: 6.2 MSEK (0.51 SEK/share); Q2 result: 3.5 MSEK (0.29 SEK/share).

• B share traded at a 71.4% premium to NAV at period end.

Outlook and guidance

• Focus remains on liquid financial assets pending long-term structural investments.

• New strategic area: HF Reverse (RTO) AB, targeting reverse takeovers and smaller company acquisitions.

• HF RTO received conditional approval for listing on Spotlight Stock Market, with first trading day expected September 12, 2025.

• NAV per share increased by 0.8% in July 2025, reaching 8.70 SEK/share.