Svolder (SVOL) Q4 23/24 earnings summary

Executive summary

• Net profit for the year was 876 MSEK (8.60 SEK/share), reversing last year's loss of -525 MSEK (-5.10 SEK/share). Substantial value increased 17.1% to 58.80 SEK/share, but lagged the CSRX index's 30.4% rise.

• The B share price rose 9.4% (including reinvested dividend) to 61.10 SEK/share, trading at a 3.9% premium to NAV at year-end.

• Q4 was challenging: NAV fell 4.6% and the B share dropped 9.5%, underperforming the CSRX index, which rose 2.9%.

• Major positive contributors to NAV for the year: New Wave, ITAB, engcon; major negatives: GARO, Ependion, XANO Industri.

• Adjusted dividend policy proposed, raising the dividend to 1.70 SEK/share (2.8% yield), up from 1.00 SEK/share.

Financial highlights

• Full-year net profit: 876 MSEK (8.60 SEK/share) vs. -525 MSEK (-5.10 SEK/share) prior year.

• Q4 net loss: -290 MSEK (-2.80 SEK/share) vs. -681 MSEK (-6.70 SEK/share) Q4 last year.

• NAV at year-end: 58.80 SEK/share (6,021 MSEK), up from 51.20 SEK/share (5,248 MSEK) a year ago.

• B share price at year-end: 61.10 SEK/share, up from 55.90 SEK/share.

• Portfolio turnover: 993 MSEK in purchases, 1,143 MSEK in sales; net sales 150 MSEK.

Outlook and guidance

• Management expects cautious optimism for small caps, citing signs of recovery, lower inflation, and Riksbank rate cuts.

• Dividend policy adjusted to target a higher, growing payout over time.

• Focus remains on long-term value creation and active portfolio management.