Senvest Capital (SEC) Q4 2025 earnings summary

Executive summary

• 2025 net income attributable to common shareholders was C$149.3M, or C$61.40 per diluted share, versus C$258.1M and C$105.06 in 2024; portfolio fair-value gains were the primary earnings driver.

• US-dollar weakening produced a C$89.5M currency translation loss in other comprehensive income; comprehensive income attributable to common shareholders was C$61.0M.

• Total assets declined to C$6.06B from C$6.79B; total equity rose to C$2.10B from C$2.04B at year-end.

Financial highlights

• Total revenue and investment gains were C$599.9M, down from C$964.9M in 2024; net change in fair value of equity investments and other holdings was C$444.8M versus C$846.5M.

• Income before tax was C$177.1M versus C$316.7M; income tax expense was C$23.9M versus C$55.5M; net income was C$153.2M versus C$261.2M.

• Net interest income was C$49.5M; dividend income was C$84.2M, while dividend expense on securities sold short was C$6.6M.

• Net cash from operating activities was C$332.1M versus C$201.2M; cash and cash equivalents ended the year at C$106.1M versus C$66.2M.

Outlook and guidance

• Master Fund returned 6.87% net in 2025, below the Russell 2000’s 12.79%, S&P 500’s 17.86% and HFRI’s 17.34%; Q4 return was 4.80%.

• Technology Partners returned 11.85% net in 2025, below Nasdaq’s 21.18% and Russell 2000’s 12.79%; Q4 return was 2.42%.

• 2026 positioning cited economic growth, easing inflation, AI investment, potential rate cuts and fiscal stimulus as equity tailwinds; small- and mid-cap valuations were viewed as attractive versus large caps.

• Technology portfolio outlook expects ongoing volatility amid AI disruption concerns, while identifying opportunities in undervalued businesses and anticipating portfolio investees to perform well in 2026.