Öresund (ORES) Q1 2025 earnings summary

Executive summary

• Net asset value (NAV) increased by 3.1% to SEK 4,895 million (SEK 108/share) as of March 31, 2025, outperforming the SIX Return Index, which fell by 0.2% during the quarter.

• Earnings per share were SEK 3.18, down from SEK 5.05 in the same quarter last year.

• Major positive NAV contributions came from holdings in Ovzon and Bilia; no significant negative impacts from any holdings.

• The board proposes a dividend of SEK 7.20 (7.00) per share, split into two payments in May and November 2025.

Financial highlights

• Consolidated profit for the period was SEK 145 million (SEK 230 million), with value changes in securities at SEK 101 million (SEK 153 million) and received dividends at SEK 50 million (SEK 71 million).

• Cash flow from operations was SEK 8.3 million (SEK 63.4 million); period-end cash was SEK 292 million (SEK 329 million at year-end 2024).

• Investments in financial assets totaled SEK 102 million (SEK 175 million); securities sold for SEK 57 million (SEK 56 million).

Outlook and guidance

• The portfolio's Nordic focus is expected to be advantageous amid global trade tensions and market rotation from US tech to European defense and basic industries.

• Management maintains strong confidence in portfolio companies, viewing them as well-positioned for future growth.