Brock Milton Capital (BMC) Q1 2025 earnings summary

Executive summary

• Assets under management (AUM) increased by SEK 1.1 billion to SEK 18.0 billion at Q1 2025 end, despite market turbulence and large negative equity market movements in March.

• Provisions income rose 29% year-over-year to SEK 40.4 million, while adjusted operating profit was SEK 9.3 million, down from SEK 10.5 million.

• Net income for the quarter was SEK 6.5 million, with earnings per share of SEK 1.62, compared to SEK 2.05 in Q1 2024.

• Brock Milton Capital was listed on First North on March 28, incurring SEK 1.1 million in related costs.

• A major institutional investor made its first investment during the quarter.

Financial highlights

• Provisions income: SEK 40.4 million (up 29% year-over-year).

• Operating profit: SEK 8.2 million (Q1 2024: SEK 10.4 million); adjusted operating profit: SEK 9.3 million (Q1 2024: SEK 10.5 million).

• Net income: SEK 6.5 million (Q1 2024: SEK 8.3 million).

• Operating margin: 20.4% (Q1 2024: 33.2%); adjusted operating margin: 23.1% (Q1 2024: 33.6%).

• AUM at period end: SEK 18.0 billion (Q1 2024: SEK 16.9 billion).

Outlook and guidance

• Long-term targets: annual net inflows to funds of at least SEK 2.5 billion, average fund return of 15% per year over a cycle, and dividend payout of 80–90% of annual profit, subject to financial position.

• Continued high sales activity, new product planning, and market expansion are priorities.