Investment Spiltan (SPLTN) Q3 2025 earnings summary

Executive summary

• Portfolio return for Q3 was -2.09%, underperforming SIX RX at +3.44%.

• Nine-month return on net asset value (NAV) was -3.84%, while SIX RX returned +5.83%.

• NAV per share as of September 30 was 281.61 SEK, down from 289.05 SEK at year-end.

• Q3 result was -210 MSEK (-7.08 SEK/share), and nine-month result was -358 MSEK (-11.98 SEK/share).

• Solid equity ratio of 99% as of September 30.

Financial highlights

• Q3 portfolio value change was -207 MSEK, mainly due to a 242 MSEK drop in Paradox Interactive.

• Dividends received in Q3 totaled 0.4 MSEK.

• Excluding Paradox, Q3 return was +1.37% and nine-month return was +3.06%.

• Cash flow for the period was 59 MSEK, with liquidity at 127 MSEK and available liquidity in listed shares estimated at 500 MSEK.

• Gross investments in financial assets during the period were 483 MSEK, mainly in Essity, Tele2, Spiltan Fonder, Eitrium, and Switch Nails.

Outlook and guidance

• Management highlights the importance of AI for future winners and notes ongoing rationalization and development in portfolio companies.

• The market is seen as potentially overvalued, especially in US tech, gold, and bitcoin sectors.

• The company is well-positioned with a strong cash position and a diversified portfolio.