Strategic Investments (STRINV) Q2 2025 earnings summary

Executive summary

• Net loss for H1 2025 was DKK -52.8m, a return of -17.0%; Q2 2025 loss was DKK -13.0m, return of -5.2%.

• Equity as of June 30, 2025, was DKK 258.2m, with NAV per share at DKK 0.64; dividend of DKK 0.02 per share paid in May.

• Challenging market conditions for small cap investments persisted, impacting results.

• NAV per share declined further to DKK 0.61 by July 31, 2025.

Financial highlights

• H1 2025 net loss of DKK -52.8m vs. DKK -83.0m in H1 2024; Q2 2025 net loss of DKK -13.0m vs. DKK -12.5m in Q2 2024.

• Investment result for H1 2025 was DKK -47.9m; operating expenses DKK 4.8m.

• Equity decreased by DKK 58.4m in H1 2025, mainly due to the period's loss and dividend payment.

• Balance sheet total as of June 30, 2025, was DKK 334.1m.

• NAV per share at June 30, 2025, was DKK 0.64, down from DKK 0.79 at year-end 2024.

Outlook and guidance

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

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