Spotlight Group (SPGR) Q2 2025 earnings summary

Executive summary

• Achieved improved operating profit of 1.8 MSEK for H1 2025 from continuing operations, up from 0.9 MSEK year-over-year.

• Launched Spotlight Value, a new list for profitable, growing, dividend-paying companies, and added six ETPs.

• Instinet, a Nomura subsidiary, joined as a new international trading member following CCP clearing implementation.

• Market conditions remained challenging, but steps were taken to strengthen the offering and future growth potential.

Financial highlights

• Net revenue for Q2 2025 was 26.9 MSEK, down 8.2% year-over-year; H1 2025 net revenue was 54.2 MSEK, nearly flat from H1 2024.

• Operating margin for Q2 2025 was 0.3% (4.2% in Q2 2024); H1 2025 operating margin improved to 3.3% (1.7% in H1 2024).

• Result after tax for Q2 2025 was -2.6 MSEK, impacted by 2.8 MSEK in financial asset write-downs.

• Earnings per share before dilution for H1 2025 was -0.17 SEK (0.33 SEK in H1 2024).

• Equity at period end was 55.8 MSEK, with a solidity of 38.0% (35.7%).

Outlook and guidance

• Expecting growth in continuing operations for full year 2025 versus 2024, with higher operating margins in H2 2025 approaching margin targets.