Brock Milton Capital (BMC) Q3 2025 earnings summary

Executive summary

• Assets under management (AUM) increased by 1 billion SEK to 20.2 billion SEK at Q3 2025 end, up from 19.2 billion SEK in Q3 2024.

• Provisions income rose 1% year-over-year to 39.7 million SEK, while operating income was 19.3 million SEK.

• Operating profit decreased to 10.3 million SEK from 12.2 million SEK year-over-year, with adjusted operating profit at 10.3 million SEK (down from 12.5 million SEK).

• Earnings per share were 2.02 SEK, compared to 2.41 SEK in Q3 2024.

• Confirmed performance fee for the quarter was 0.1 million SEK; accrued but not confirmed performance fee was 3.6 million SEK.

Financial highlights

• AUM at period start: 19,041 million SEK; at period end: 20,208 million SEK.

• Provisions income: 39.7 million SEK (Q3 2025), 39.3 million SEK (Q3 2024).

• Operating profit: 10.3 million SEK (Q3 2025), 12.2 million SEK (Q3 2024).

• Net profit after tax: 8.1 million SEK (Q3 2025), 9.7 million SEK (Q3 2024).

• Return on equity: 28.8% (Q3 2025), 29.9% (Q3 2024).

Outlook and guidance

• Long-term financial targets: net inflows to funds of at least 2,500 million SEK 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.

• Plans to expand into additional European markets in 2026.