Investment Spiltan (SPLTN) Q2 2025 earnings summary

Executive summary

• Second quarter return was +2.52%, matching the SIX RX index; first half return was -1.79% versus SIX RX at +2.31%.

• Net asset value (NAV) per share as of June 30 was SEK 290.56, up from SEK 289.05 at year-end.

• Q2 net result was SEK 227 million (previous year: -803 million), or SEK 7.57 per share.

• H1 net result was -SEK 148 million (previous year: -1,129 million), or -SEK 4.92 per share.

• Major events included becoming majority owner in Eitrium and acquiring 31.2% of Switch Nails.

Financial highlights

• NAV per share at June 30: SEK 290.56; market price per share: SEK 212.00.

• Total NAV: SEK 8,707 million; market capitalization: SEK 6,353 million.

• Q2 portfolio value change: SEK 134 million; dividends received: SEK 101 million.

• H1 portfolio value change: -SEK 243.9 million, mainly due to Paradox Interactive's share price drop.

• Soliditet (equity ratio) at June 30: 99%.

Outlook and guidance

• New share buyback program initiated to adjust capital structure and support future acquisitions.

• Focus remains on long-term value creation and opportunistic investments in Swedish growth companies.

• No significant new risks identified post-annual report; market volatility and valuation risks remain.