Öresund (ORES) Q3 2024 earnings summary

Executive summary

• Net asset value (NAV) increased by 10.5% to SEK 4,973 million (SEK 109/share) for Jan–Sep 2024, underperforming the SIX Return Index, which rose 15.2% in the same period.

• NAV decreased by 0.1% in Q3 2024, while the SIX Return Index rose 4.2%.

• Earnings per share were SEK 10.74, up from SEK -4.45 year-over-year.

• Major positive contributions came from Scandi Standard, Bahnhof, Stenhus Fastigheter, and Securitas; negative impacts from Senergia Nordic, Bilia, and BioArctic.

Financial highlights

• Net profit for Jan–Sep 2024 was SEK 488 million, compared to SEK -202 million in the same period last year.

• Q3 2024 net result was SEK -7 million, a significant improvement from SEK -178 million in Q3 2023.

• Received dividends totaled SEK 150 million for Jan–Sep 2024.

• Value changes in securities amounted to SEK 333 million for Jan–Sep 2024.

• Total return on Öresund shares was 23% for Jan–Sep 2024, compared to -9% last year.

Outlook and guidance

• Management expects mid-sized, cash-flow-positive companies to outperform the index in the coming year.

• Focus remains on maintaining liquidity and flexibility to seize attractive investment opportunities.