Öresund (ORES) Q2 2025 earnings summary

Executive summary

• Net asset value increased by 16.1% to SEK 5,349 million (SEK 118/share) for H1 2025, outperforming the SIX Return Index by 13.8 percentage points year-over-year.

• Earnings per share rose to SEK 16.76 from SEK 10.91 year-over-year.

• Major positive contributions came from holdings in Ovzon, Scandi Standard, Bilia, Bahnhof, and Handelsbanken.

• No significant negative impact from any holdings during the period.

Financial highlights

• H1 2025 result: SEK 762 million (SEK 16.76/share), up from SEK 496 million (SEK 10.91/share) year-over-year.

• Q2 2025 result: SEK 617 million, up from SEK 266 million in Q2 2024.

• Value change in securities: SEK 662 million; dividends received: SEK 117 million for H1 2025.

• Net asset value per share: SEK 118 as of June 30, 2025 (SEK 104 as of Dec 31, 2024).

• First H1 dividend of SEK 3.60/share (SEK 164 million) paid in May; second H1 dividend of SEK 3.60/share (SEK 164 million) to be paid in November.

Outlook and guidance

• Strategy remains focused on active ownership and long-term development of portfolio companies.

• Emphasis on investing in robust companies with proven, competitive business models prioritizing cash flow and profitability.

• Continued focus on local mid-sized companies, which have outperformed export-dependent industry in 2025.