Havsfrun Investment (HAV) Q2 2026 earnings summary

Executive summary

• Net asset value (NAV) per share increased by 1.5% in H1 2026, adjusted for dividend reinvestment, reaching 99.7 MSEK or 8.23 SEK per share as of June 30, 2026.

• Group net profit for H1 2026 was 1.7 MSEK (0.14 SEK per share), down from 6.2 MSEK (0.51 SEK per share) year-over-year.

• Investment portfolio grew by 8.0% in H1 2026, underperforming the MSCI AC World Index (+18.9%) but outperforming the Swedish OMXSGI (+7.8%).

• B-share total return was 1.4% in H1 2026, with a market price of 13.76 SEK per share at period end, trading at a 67.2% premium to NAV.

Financial highlights

• NAV at June 30, 2026: 99.7 MSEK (104.5 MSEK prior year), 8.23 SEK per share (8.63 SEK prior year).

• H1 2026 net profit: 1.7 MSEK (6.2 MSEK prior year); Q2 2026 net profit: 3.6 MSEK (3.5 MSEK prior year).

• Cash and cash equivalents (including money market funds) at June 30, 2026: 21.8 MSEK (45.0 MSEK prior year).

• Equity ratio: 98.7% (98.4% prior year).

• Dividend of 1.0 SEK per share (12.1 MSEK) paid in April 2026.

Outlook and guidance

• NAV per share increased by 2.0% in July 2026, reaching 101.6 MSEK or 8.40 SEK per share as of July 31, 2026.

• Ongoing evaluation of new business combinations and investment opportunities, especially via HF Reverse (RTO) AB.