Custos Maritime & Defence Industries (CUST) Q2 2025 earnings summary

Executive summary

• All investments, including subsidiaries, were disposed of or liquidated in H1 2025 as part of a restructuring, resulting in no consolidated figures for 2025.

• The company has exited esports and gaming, seeking new business areas, and entered a non-binding letter of intent for a reverse acquisition of Swemar Invest Ltd, active in marine and defence industries.

• Swemar's acquisition is expected to transform the company, with Swemar's owners to hold 98.67% post-transaction and existing shareholders receiving warrants.

• The company plans to change its name to "Cosmos Maritime & Defence Industries AB" pending approval.

Financial highlights

• Revenue for H1 2025 was 0 TSEK, down from 100 TSEK in H1 2024, reflecting asset divestments.

• EBITDA improved to -1,094 TSEK from -1,839 TSEK year-over-year due to cost savings and divestments.

• Net result for H1 2025 was -3,536 TSEK, a slight improvement from -3,944 TSEK in H1 2024.

• Earnings per share for H1 2025 was -0.004 SEK, compared to -0.005 SEK in H1 2024.

• As of 30 June 2025, the company had negative equity and current liabilities exceeding current assets.

Outlook and guidance

• Completion of the Swemar acquisition is expected to bring positive equity and improve EBITDA and the balance sheet for FY 2025.

• The company is in a capital-raising phase, aiming to secure financing by Oct/Nov 2025 to implement its new strategy.

• The board believes the company can manage liabilities and secure an adequate capital base if the acquisition and financing are successful.