Northern CapSek Ventures (CAPS) Q2 2025 earnings summary

Executive summary

• Reported a net loss of -1.7 MSEK for Q2 2025 and -2.3 MSEK for H1 2025, with negative portfolio revaluations of -0.4 MSEK in Q2, mainly from listed holdings.

• Portfolio consists of 11 tech companies, with a net asset value of 44 MSEK (99 SEK/share) and a 79% discount to NAV at period end.

• Announced intention to conduct a rights issue of up to 10 MSEK in autumn 2025 to strengthen liquidity for strategic transactions.

Financial highlights

• Q2 2025 net sales were 140 TSEK, up from 48 TSEK in Q2 2024.

• EBITDA for Q2 was -1,181 TSEK, improved from -1,493 TSEK year-over-year.

• EBIT for Q2 was -1,253 TSEK, compared to -2,480 TSEK in Q2 2024.

• Net result per share for Q2 was -3.7 SEK, compared to -12.2 SEK in Q2 2024.

• Cash and cash equivalents at period end were 302 TSEK, with access to a 1.5 MSEK credit line.

Outlook and guidance

• Focus remains on cost control and strategic transactions, with two ongoing merger discussions targeted for completion by Q1 2026.

• Rights issue planned for autumn 2025 to fund potential structural deals.