Strategic Investments (STRINV) Q1 2025 earnings summary

Executive summary

• Net loss of DKK -39.8m for Q1 2025, corresponding to a return of -12.4%, mainly due to continued negative performance in small cap equities.

• Equity as of March 31, 2025 was DKK 279.3m, with NAV per share at DKK 0.69.

• Dividend of DKK 0.02 per share proposed at the annual general meeting.

Financial highlights

• Q1 2025 net result: DKK -39.8m vs. DKK -70.5m in Q1 2024.

• Investment result: DKK -37.9m (Q1 2024: DKK -68.9m); operating expenses: DKK 1.9m (Q1 2024: DKK 1.6m).

• Equity decreased by DKK 37.3m in Q1 2025, reflecting the period's loss and sale of treasury shares.

• NAV per share fell from DKK 0.79 at end-2024 to DKK 0.69 at end-Q1 2025.

• Cash position at March 31, 2025: DKK 0.4m (down from DKK 7.1m at end-2024).

Outlook and guidance

• 2025 expected return remains in the range of -10% to +10%.

• Market conditions for small cap investments remain challenging, with low liquidity and high volatility.

• Long-term investment strategy emphasized; results may vary significantly period to period.