Brock Milton Capital (BMC) Q2 2025 earnings summary

Executive summary

• Assets under management (AUM) increased by 558 MSEK year-over-year to 19.04 billion SEK at Q2 2025 end.

• Provisions income decreased by 1% to 35.4 MSEK compared to Q2 2024.

• Operating income was 17.4 MSEK, and operating profit was 6.0 MSEK, both down from the previous year.

• Adjusted operating profit was 7.2 MSEK, reflecting costs related to First North listing.

• EPS for the quarter was 1.16 SEK, down from 2.11 SEK in Q2 2024.

Financial highlights

• AUM at period start: 17,978 MSEK; at period end: 19,041 MSEK.

• Provisions income: 35,449 TSEK (Q2 2025), 35,953 TSEK (Q2 2024).

• Operating margin: 17.0% (Q2 2025) vs. 30.0% (Q2 2024).

• Adjusted operating margin: 20.2% (Q2 2025) vs. 30.1% (Q2 2024).

• Net profit after tax: 4,687 TSEK (Q2 2025) vs. 8,498 TSEK (Q2 2024).

Outlook and guidance

• Long-term targets: net inflows to funds of at least 2,500 MSEK per year and average fund return of 15% per year over a cycle.

• Dividend policy: 80-90% of annual profit, considering financial position over a cycle.

• New funds (BMC Global Technology Fund and BMC International Fund) to open for investment in Q4 2025.