Creades (CRED) Q2 2025 earnings summary

Executive summary

• Net asset value return for H1 2025 was +8%, outperforming OMXSGI's +2% in the same period.

• Three major transactions: acquisition agreement for 10.1% of Silex Microsystems, sale of 64% of Apotea, and agreement to sell Stabelo.

• Portfolio companies showed mixed performance, with strong gains in Avanza and Inet, but declines in StickerApp, Klarna, and Instabee.

• Cash position at period end was SEK 720 mn, with additional SEK 347 mn in uninvested managed funds.

Financial highlights

• Net profit for H1 2025 was SEK 780 mn, up from SEK 732 mn year-over-year.

• Earnings per share for the period were SEK 5.75 (vs. SEK 5.39 last year); Q2 EPS was SEK 4.43 (vs. SEK 5.68 last year).

• Net asset value per share rose to SEK 80 from SEK 75 at year-end 2024.

• Dividend of SEK 1.60 per share (SEK 217 mn total) to be paid in four installments.

• Solid cash flow from operations and investment activities, with period-end liquidity of SEK 720 mn.

Outlook and guidance

• Management targets annual net asset value return above 7.5% and to outperform OMXSGI.

• Silex Microsystems acquisition expected to close in Q3 2025, with Creades taking an active ownership role.

• Sale of Stabelo to Swedbank expected to complete in Q4 2025, with potential earn-out through 2028.