Preservia (PHOL PREF) Q4 2025 earnings summary

Executive summary

• Maintained a debt-free balance sheet and strong equity position, with equity at 52 MSEK at year-end.

• Focused on portfolio build-up, strategic restructuring, and cost control amid volatile markets.

• Major event: 9 MSEK investment in BTC AB, financed by a profitable Bitcoin position.

• Ongoing evaluation of a merger to simplify the complex group structure and improve market valuation.

Financial highlights

• Net sales for 2025 were 0.0 MSEK (0.2 MSEK in 2024); H2 2025 net sales also 0.0 MSEK.

• Operating result before depreciation: -7.1 MSEK (2024: -5.1 MSEK); H2: -3.6 MSEK.

• Net result after tax: -5.4 MSEK (2024: -20.9 MSEK); H2: -2.3 MSEK.

• Cash flow for 2025: -16.6 MSEK (2024: -21.9 MSEK); H2: -5.7 MSEK.

• Earnings per share: -3.61 SEK (2024: -13.75 SEK); H2: -1.53 SEK.

Outlook and guidance

• Liquidity and expected inflows deemed sufficient to cover operational costs and commitments for the next 12 months.

• Management advocates for a merger to unlock value, improve liquidity, and enable future growth.