Öresund (ORES) Q4 2025 earnings summary

Executive summary

• Net asset value (NAV) increased by 18.2% year-over-year to SEK 5,284 million, or SEK 116 per share, outperforming the SIX Return Index by 5.6 percentage points.

• Earnings per share for the year were SEK 18.91, up from SEK 9.32 the previous year.

• Proposed dividend of SEK 7.40 per share, split into two payments.

• NAV rose 8.0% in Q4, with the share price delivering a total return of 16% for the year.

Financial highlights

• Full-year result: SEK 860 million (SEK 423 million prior year), driven by SEK 726 million in value changes and SEK 172 million in dividends received.

• Q4 result: SEK 406 million (SEK -65 million prior year), with SEK 396 million from value changes.

• Market value of the securities portfolio at year-end: SEK 5,228 million (SEK 4,429 million prior year).

• Major positive NAV contributions from Ovzon, Bilia, Scandi Standard, Scandic Hotels, Handelsbanken, and SEB.

Outlook and guidance

• Optimism for consumer stocks in 2026, especially those exposed to Swedish consumption, due to tax cuts and lower interest rates.

• Portfolio positioned for continued strength in defense, communications, and stable growth from holdings like Scandi Standard and Bahnhof.