Öresund (ORES) Q3 2025 earnings summary

Executive summary

• Net asset value (NAV) increased by 9.4% to SEK 5,041 million (SEK 111 per share) for the period January–September 2025, outperforming the SIX Return Index, which rose 5.8%.

• NAV decreased by 5.8% in Q3 2025, while the SIX Return Index rose 3.4% in the same quarter.

• Earnings per share for the period were SEK 9.97, compared to SEK 10.74 for the same period last year.

• The share price as of September 30, 2025, was SEK 117.60, with a total return of 12% year-to-date.

Financial highlights

• Result for the period was SEK 453 million (SEK 488 million last year).

• Value changes in securities amounted to SEK 330 million, and received dividends were SEK 146 million.

• Q3 2025 result was SEK -309 million, mainly due to negative value changes in securities.

• Liquidity at period end was SEK 278 million, down from SEK 329 million at the end of 2024.

Outlook and guidance

• Expectation of improved Swedish consumption in 2026, with domestic-focused companies likely to outperform exporters due to a weaker dollar.

• Portfolio strategy remains focused on active ownership and long-term development of holdings.