Creades (CRED) Q3 2025 earnings summary

Executive summary

• Net asset value (NAV) return for Jan–Sep 2025 was +10%, outperforming OMXSGI's +6% for the same period.

• Quarterly NAV return was +2%, slightly below OMXSGI's +3%.

• Earnings per share for the period were SEK 7.45, up from SEK 6.73 year-over-year.

• Major portfolio events included the sale agreement of Stabelo to Swedbank and the acquisition of 10.1% of Silex Microsystems.

• Klarna was listed on the NYSE in September; no shares were sold at listing.

Financial highlights

• Period result: SEK 1,011 mn (Jan–Sep), up from SEK 914 mn year-over-year.

• Quarterly result: SEK 231 mn, up from SEK 182 mn year-over-year.

• NAV per share at period end: SEK 81, up from SEK 75 at year-end 2024.

• Dividend of SEK 1.60 per share decided, totaling SEK 217 mn for the year.

• Cash and cash equivalents at period end: SEK 266 mn, with an additional SEK 218 mn in uninvested managed funds.

Outlook and guidance

• Management expects continued active market conditions in both listed and unlisted markets.

• Portfolio is well-positioned for future improvements, especially if valuation gaps between large and small/mid-cap stocks normalize.