Investment Spiltan (SPLTN) Q1 2025 earnings summary

Executive summary

• Substantial negative return on net asset value (NAV) of -4.21% for Q1 2025, underperforming the SIX RX index at -0.23%.

• NAV per share decreased to 275.12 SEK from 289.05 SEK at year-end; adjusted for share buybacks, NAV per outstanding share was 285.14 SEK.

• Net result for the period was -374 MSEK (-326 MSEK last year), mainly due to a significant value drop in Paradox Interactive.

• Share buybacks reached 3.5% of total shares, supporting NAV per share.

• Board proposes a dividend increase to 1.20 SEK per share and an extra dividend of 1 SEK per share.

Financial highlights

• Net result after tax: -374 MSEK (-326 MSEK), or -12.05 SEK per share (-10.50 SEK), driven by a -378 MSEK value change in portfolio companies.

• NAV declined by -432 MSEK (-333 MSEK), with Paradox Interactive accounting for most of the loss.

• Liquidity improved to 311 MSEK (68 MSEK at year-end), aided by the sale of Berkshire Hathaway shares.

• Total investments in financial assets during the period were 131 MSEK, mainly in KlaraBo, Qualisys, AktivBo, Besedo, and Captario.

• Share buybacks totaled 57 MSEK, representing 1,090,821 shares.

Outlook and guidance

• Board recommends a dividend of 1.20 SEK per share and an extra dividend of 1 SEK per share, totaling approximately 66 MSEK.

• No significant events have occurred after the reporting period.