Brock Milton Capital (BMC) Q4 2025 earnings summary

Executive summary

• Provisions income for Q4 2025 was 40.2 MSEK, slightly down from 41.1 MSEK in Q4 2024, while operating income was 20.1 MSEK versus 20.4 MSEK year-over-year.

• Operating profit for Q4 2025 increased to 4.2 MSEK from 3.8 MSEK in Q4 2024; adjusted operating profit was 4.2 MSEK, down from 5.2 MSEK.

• Full-year 2025 operating profit was 28.7 MSEK, down from 37.2 MSEK in 2024; adjusted operating profit was 31.0 MSEK, down from 39.0 MSEK.

• Earnings per share for Q4 2025 was 0.76 SEK (0.74 SEK in Q4 2024); full-year EPS was 5.55 SEK (7.32 SEK in 2024).

• Assets under management at year-end 2025 were 20.2 billion SEK, down from 20.6 billion SEK at the end of 2024.

Financial highlights

• Provisions income for 2025 increased 6% to 155.8 MSEK (147.6 MSEK in 2024).

• Operating margin for Q4 2025 was 10.4% (9.2% in Q4 2024); full-year margin was 18.4% (25.2% in 2024).

• Return on equity for 2025 was 59.1% (67.9% in 2024); return on total capital was 38.3% (48.6% in 2024).

• Soliditet (equity ratio) at year-end was 47.0% (52.8% in 2024).

• Performance fees for 2025 were 0.4 MSEK (0.5 MSEK in 2024).

Outlook and guidance

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

• Dividend policy aims to distribute 80-90% of annual profit, subject to financial position.

• Board proposes a dividend of 4.69 SEK per share for 2025, totaling 18.88 MSEK, pending AGM approval.