Investment Spiltan (SPLTN) Q4 2025 earnings summary

Executive summary

• Net asset value per share as of December 31, 2025, was SEK 282.61, down from SEK 289.05 the previous year, reflecting a -2.53% return versus SIX RX's +12.68% for the year.

• Full-year result after tax was -SEK 265 million (-SEK 14 million last year), mainly due to a SEK 690 million value decline in Paradox Interactive.

• Fourth quarter return was +1.36% (SIX RX +6.47%), with a quarterly result of SEK 93 million (SEK 372 million last year).

• Ordinary dividend of SEK 2 per share and an extra dividend of SEK 2 per share proposed.

Financial highlights

• Net asset value at year-end: SEK 8,469 million (SEK 8,977 million last year).

• Market value of shares: SEK 5,826 million (SEK 6,895 million last year).

• Earnings per share: -SEK 8.90 for the year (previous year: -SEK 0.44); Q4 EPS: SEK 3.18 (Q4 last year: SEK 12.27).

• Solid equity ratio of 99% at year-end.

• Cash flow for the year was -SEK 54 million, with cash and equivalents at SEK 14 million at year-end.

Outlook and guidance

• Management remains optimistic about long-term value creation, emphasizing disciplined investment and a strong brand.

• No significant events after the balance sheet date.