Investeringsselskabet af 3. November 2025 (3NOV25) H1 2026 earnings summary

Executive summary

• H1 2026 marked the first half-year post-transaction, with a focus on capital preservation and streamlining operations under a new company purpose and name.

• Administrative and internal controls were optimized, and operating costs minimized, with a transition to more cost-effective systems.

• Assets are being invested in a mix of bonds and equities to cover liabilities through 2032.

Financial highlights

• Net income for H1 2026 was DKK -1,695k, an improvement from DKK -2,680k in H1 2025.

• Earnings per share (EPS) was DKK -0.54, down from DKK 0.24 in H1 2025.

• Equity decreased to DKK 50.1m as of 30 June 2026, mainly due to a large dividend payout in April.

• Cash flow from operating activities was DKK -10,112k, compared to DKK 26,903k in H1 2025.

• Free cash flow was DKK 167,394k, up from DKK 23,653k in H1 2025.

Outlook and guidance

• Operating expenses for 2026 are now expected in the range of DKK 3.5m–4.0m, up from previous guidance due to one-off costs related to a mandatory public tender offer.

• Investment income is expected to partially offset these costs, subject to market volatility.