Northern CapSek Ventures (CAPS) Q3 2025 earnings summary

Executive summary

• Net result for Q3 2025 was approximately -1.1 MSEK, with portfolio revaluations contributing +0.1 MSEK during the quarter.

• A non-binding LOI was signed for a merger with Arctic Space Technologies AB, aiming for completion before year-end 2025/2026.

• The investment portfolio at period-end included 11 tech companies, with a net asset value of 44.4 MSEK (96.5 SEK per share).

• A rights issue after the period raised 7.4 MSEK before costs.

Financial highlights

• Q3 2025 net sales were 40 TSEK, down from 52 TSEK in Q3 2024.

• EBITDA for Q3 was -1,084 TSEK (Q3 2024: -1,400 TSEK); EBIT was -1,156 TSEK (Q3 2024: -2,388 TSEK).

• Net result for Q3 was -1,052 TSEK (Q3 2024: -209 TSEK); EPS was -2.3 SEK (Q3 2024: -1.1 SEK).

• For the first nine months, net result was -3,346 TSEK (9M 2024: 1,058 TSEK).

• Net asset value per share at period-end was 96.48 SEK; share price was 27 SEK, reflecting a 72% discount.

Outlook and guidance

• The company is focused on the planned merger with Arctic Space, viewing it as a strategic shift toward a more operational role.

• The defense and space sectors are seen as long-term growth areas, supporting the merger rationale.

• The recent capital raise strengthens financial flexibility for ongoing strategic initiatives.