Linc (LINC) Q3 2026 earnings summary

Executive summary

• Portfolio NAV per share returned 2.2% in Q3 and 4.1% in 9M 2026; aggregate asset values were broadly flat in Q3 despite significant movements in individual holdings.

• 9M management result was SEK 192.9m, versus a loss of SEK 292.5m a year earlier, reflecting portfolio value gains and stronger listed holdings.

• Investment activity remained selective and long-term; additional purchases increased positions in Sedana Medical and OssDsign, among others.

Financial highlights

• Q3 management result was SEK 110.8m (SEK 354.3m); EBIT was SEK 107.7m (SEK 351.0m), and net income was SEK 99.5m (SEK 353.7m).

• Q3 EPS was SEK 1.7 (SEK 6.1); NAV increased SEK 99.5m and NAV per share returned 2.2% (8.5%).

• 9M management result was SEK 192.9m (loss of SEK 292.5m); EBIT was SEK 183.1m (loss of SEK 302.1m), and net income was SEK 180.7m (loss of SEK 291.5m).

• 9M EPS was SEK 3.1 (loss of SEK 5.0); NAV per share returned 4.1%, compared with -6.0% in 9M 2025.

Outlook and guidance

• Sedana Medical’s FDA application review has an April 16, 2027 target decision date; US approval could unlock significant sales potential.

• Cinclus Pharma completed all patient follow-up visits in its Phase III study and expected topline results in Q4 2026.

• Oncoinvent’s interim study readout was anticipated in early 2027; management saw long-term value potential across portfolio companies with clinical and commercial prospects.

• Management highlighted ongoing acquisition activity in biotech and continued operating progress at portfolio companies, while noting uncertainty around the cost of long-term capital.