Springvest (SPRING) H2 2025 earnings summary

Executive summary

• Facilitated €47M in growth company financing via public offerings and €41M in other financing, with a total revenue of €5.9M and operating profit of €1.2M for 2025, both down from 2024.

• Portfolio expanded to 43 technology companies, with a portfolio value of €25.5M, up €1.9M year-over-year.

• Maintained strong profitability and solvency, with an equity ratio of 79% and no external debt.

• Dividend policy remains robust, distributing over 80% of annual profit and exit gains, with €0.44/share paid for 2024 and a proposal for up to €0.20/share for 2025.

Financial highlights

• Revenue for 2025 was €5.9M (down from €6.9M in 2024); operating profit €1.2M (down from €2.0M); net profit €0.9M (down from €1.6M).

• Operating margin was 20% (30% in 2024); EPS €0.17 (diluted €0.16), down from €0.29 (diluted €0.28) in 2024.

• Net exit income from portfolio companies was €0.6M, significantly lower than €1.7M in 2024.

• Portfolio value at year-end was €25.5M, up from €23.6M.

• Cash and cash equivalents at year-end were €1.7M, down from €3.5M.

Outlook and guidance

• For 2026, focus shifts to long-term portfolio value and quality, with no revenue or profit guidance provided.

• Targeting €5–7M in new portfolio company shares during 2026 and annual portfolio additions of over €5M in the medium to long term.

• Aims to arrange €1B in growth financing by 2035 and own stakes in about 100 Finnish tech companies.

• Dividend policy targets at least 80% payout of annual profit and exit gains, subject to financial position and solvency requirements.