Havsfrun Investment (HAV) Q4 2025 earnings summary

Executive summary

• Substantial improvement in annual results, with net income of 12.9 MSEK compared to -2.5 MSEK the previous year, and EPS of 1.07 SEK versus -0.21 SEK.

• Net asset value (NAV) per share increased by 11.7% year-over-year, adjusted for dividends, reaching 9.09 SEK per share.

• B share total return was 23.7% for the year, with the share price closing at 14.55 SEK, a 60% premium to NAV.

• Strategic expansion through the establishment and listing of subsidiary HF Reverse (RTO) AB, focusing on smaller acquisitions and reverse takeovers.

• Proposed dividend of 1.00 SEK per share, yielding 6.9%.

Financial highlights

• NAV at year-end: 110.1 MSEK (previous year: 110.4 MSEK).

• Annual net income: 12.9 MSEK (previous year: -2.5 MSEK).

• Cash and cash equivalents: 60.5 MSEK at year-end.

• Investment portfolio grew by 42.2% in value, outperforming both Swedish and global equity indices.

• B share total return: 23.7% (previous year: -8.6%).

Outlook and guidance

• January 2026 saw a further 0.1% increase in NAV, with a continued focus on liquid financial assets pending new structural investments.

• The company aims to act opportunistically to identify value-creating opportunities, leveraging its public listing and new business areas.