Linc (LINC) Q1 2025 earnings summary

Executive summary

• Net asset value return per share was -20.6% compared to 1.7% in the same quarter last year.

• Result from management operations was -1,014 MSEK (62 MSEK), operating income -1,018 MSEK (59 MSEK), and net income -996 MSEK (61 MSEK).

• Earnings per share were -17.2 SEK (1.1 SEK).

• Major negative value adjustments in MedCap and Sedana Medical drove the decline.

• Market and geopolitical uncertainty, especially in the US, increased risk premiums and worsened the financing climate for biotech.

Financial highlights

• Net asset value at quarter-end was 3,834.7 MSEK (3,590.4 MSEK last year; 4,830.7 MSEK previous quarter).

• Portfolio value at fair value was 3,203.0 MSEK (3,018.1 MSEK last year; 4,177.8 MSEK previous quarter).

• Cash and equivalents were 505.3 MSEK (500.6 MSEK last year).

• Return on net asset value per share was -20.6% (1.7% last year).

• Value change in listed holdings was -31.2% (-939 MSEK); unlisted holdings +1.1% (+3.8 MSEK).

Outlook and guidance

• Increased risk premiums and tougher financing for early-stage biotech projects are expected to persist.

• Linc maintains significant investment capacity, viewing current market conditions as opportunities for value-creating deals.