Case Group (CASE) Q1 2025 earnings summary

Executive summary

• Provisions income rose 46% year-over-year to 50.3 MSEK, with net commissions up 84% to 25.8 MSEK.

• Operating profit reached 12.4 MSEK, a significant increase from 0.5 MSEK in Q1 2024.

• Assets under management (AUM) grew 28% year-over-year to 19,518 MSEK.

• Cost efficiency improved, with operating costs nearly unchanged despite higher revenues.

• Case All Star Småbolag won the Lipper Fund Award for best small-cap fund.

Financial highlights

• Provisions income: 50.3 MSEK (Q1 2025) vs. 34.5 MSEK (Q1 2024), +46%.

• Net commissions: 25.8 MSEK vs. 14.0 MSEK, +84%.

• Operating profit: 12.4 MSEK vs. 0.5 MSEK, margin 48% vs. 4%.

• AUM: 19,518 MSEK vs. 15,292 MSEK, +28%.

• Cash flow from operations: 12.1 MSEK vs. -0.1 MSEK.

Outlook and guidance

• Management expects continued organic and acquisition-driven growth, with a strong position in both equity and fixed income segments.

• Market uncertainty due to global trade tensions and reduced risk appetite may impact inflows and asset values.

• Focus remains on cost control, risk management, and strategic communication to maintain investor confidence.