Havsfrun Investment (HAV) Q3 2025 earnings summary

Executive summary

• Substantial growth in net asset value per share, up 12.0% year-over-year, adjusted for reinvested dividends, with a strong Q3 increase of 6.7%.

• Net result for the nine-month period reached 13.2 MSEK (0.4 MSEK last year), or 1.09 SEK per share.

• B share total return was 30.4% for the period, with a Q3 return of 4.7%.

• Half of the shares in subsidiary HF Reverse (RTO) AB were distributed to shareholders and the company was listed on Spotlight Stock Market.

Financial highlights

• Net asset value at September 30, 2025: 110.3 MSEK (113.3 MSEK last year), or 9.12 SEK per share.

• Q3 net result: 7.1 MSEK (1.0 MSEK last year), or 0.58 SEK per share.

• Cash and cash equivalents: 40.2 MSEK (60.7 MSEK last year).

• Investment portfolio value: 68.2 MSEK, up 37.8% YTD, outperforming global and Swedish equity indices.

• Dividend of 1.10 SEK per share, including 0.10 SEK from the HF Reverse share distribution.

Outlook and guidance

• Focus on identifying and executing investments that create long-term shareholder value.

• Continued search for suitable acquisition targets for HF Reverse, aiming for companies with strong prospects and a post-listing market value of 50–100 MSEK or more.

• Potential to repeat the HF Reverse model if successful.