Northern CapSek Ventures (CAPS) Q4 2025 earnings summary

Executive summary

• Reported a full-year net loss of -8.8 MSEK for 2025, with Q4 net loss at -5.4 MSEK, mainly due to portfolio revaluations and operating costs.

• Portfolio consists of 11 tech companies, with a focus on scale-up phase; average revenue growth for eight on the scale-up stage was 30% year-over-year.

• Ongoing due diligence and negotiations for a merger with Arctic Space Technologies, aiming for completion in Q1 2026.

Financial highlights

• Net sales for 2025 reached 249 TSEK, up from 227 TSEK in 2024; Q4 net sales were 39 TSEK, up from 29 TSEK in Q4 2024.

• EBITDA for 2025 was -5,570 TSEK, an improvement from -6,371 TSEK in 2024.

• EBIT for 2025 was -5,855 TSEK, compared to -9,773 TSEK in 2024.

• Net result for 2025 was -8,793 TSEK, compared to -2,532 TSEK in 2024.

• Result per share for 2025 was -9.5 SEK, compared to -12.5 SEK in 2024.

• Substansvärde (NAV) per share at year-end was 47.0 SEK, with a share price discount of 81.5%.

Outlook and guidance

• Cost base has been reduced, with annualized costs now at approximately 4 MSEK, expected to have full effect in 2026.

• Strategic focus for 2026 is to complete a structural transaction, primarily the Arctic Space merger.