Northern CapSek Ventures (CAPS) Q4 2024 earnings summary

Executive summary

• Net result for 2024 was -2.5 MSEK, a significant improvement from -12.2 MSEK in 2023, mainly due to positive revaluations of unlisted portfolio companies and reduced goodwill amortization.

• Portfolio at year-end comprised 11 tech companies with a net asset value of 47 MSEK, corresponding to 0.42 SEK per share and a 62% discount to NAV.

• Major investments focused on "Fas2" companies, with three out of five now profitable and others nearing break-even.

Financial highlights

• Net sales for 2024 were 227 TSEK (214 TSEK in 2023); Q4 net sales were 29 TSEK (56 TSEK in Q4 2023).

• EBITDA for 2024 was -6,371 TSEK (-5,973 TSEK in 2023); EBIT was -9,773 TSEK (-9,886 TSEK in 2023).

• Net result for Q4 2024 was -3,590 TSEK (-2,209 TSEK in Q4 2023); EPS for Q4 was -0.071 SEK (-0.050 SEK in Q4 2023).

• Full-year EPS was -0.050 SEK (-0.277 SEK in 2023).

• Portfolio revaluations contributed +7.5 MSEK for the year, with +8.5 MSEK from unlisted "Fas2" companies.

Outlook and guidance

• Focus remains on value creation in existing portfolio, new investments in northern Sweden, and potential structural deals to reach a managed capital target of over 100 MSEK as a key milestone.

• Expectation that reduced goodwill amortization will further improve results in 2025.