Lärkberget (LARK) Q4 2025 earnings summary

Executive summary

• Transitioned from a research-focused company to a pure investment company in 2025, marked by a name change and strategic shift.

• Achieved a marginally positive result in H2 2025, attributed to cash flow-generating transactions.

• Nasdaq removed the company's observation status in October 2025, eliminating delisting risk.

• First major investment: acquired 12.9% of NAXS for 50 MSEK at a 39% NAV discount.

• Distributed 0.20 SEK per share to shareholders, totaling 3.96 MSEK.

Financial highlights

• Net sales for 2025: -252 TSEK (2024: 326 TSEK); other operating income: 1,066 TSEK (2024: 3,274 TSEK).

• Result after financial items for 2025: -12,359 TSEK (2024: -48,958 TSEK).

• Earnings per share for 2025: -0.62 SEK (2024: -2.47 SEK).

• Cash flow for 2025: -69,767 TSEK (2024: -31,213 TSEK); cash at year-end: 2,594 TSEK (2024: 72,361 TSEK).

• NAXS holding value increased by 3.57 MSEK (+7%) by year-end.

Outlook and guidance

• No further costs from previous research projects expected from 2026 onward.

• Focus on cash flow and NAV-driven investments; monthly NAV updates to be published.

• NAV per share as of January 15, 2026: 3.08 SEK (+4.76% from November 2025).

• Anticipated NAXS dividend in 2026 could yield 2.85 MSEK.