Öresund (ORES) Q2 2024 earnings summary

Executive summary

• Net asset value (NAV) increased by 10.7% to SEK 4,980 million (SEK 110/share) for H1 2024, outperforming the SIX Return Index by 0.1 percentage points.

• H1 2024 result per share was SEK 10.91, up from SEK -0.54 year-over-year.

• NAV rose 5.5% in Q2 2024, while the SIX Return Index increased by 2.5%.

• Total shareholder return for H1 2024 was 20%, compared to -2% in H1 2023.

Financial highlights

• H1 2024 consolidated profit was SEK 496 million (SEK 10.91/share), compared to SEK -25 million (SEK -0.54/share) in H1 2023.

• Q2 2024 profit was SEK 266 million, up from SEK -233 million in Q2 2023.

• Value changes in securities contributed SEK 366 million in H1 2024, with dividends received at SEK 122 million.

• Liquidity at June 30, 2024 was SEK 166 million, down from SEK 392 million at year-end 2023.

• Equity at period end was SEK 4,821 million, up from SEK 4,644 million at year-end 2023.

Outlook and guidance

• Management sees continued value in mid-sized companies with stable cash flows and expects these to outperform the index for the remainder of 2024.