Dividend Sweden (DIV) Q2 2025 earnings summary

Executive summary

• Net sales for Q2 2025 were 2.3 MSEK, down from 3.6 MSEK year-over-year; H1 2025 net sales rose to 7.7 MSEK from 4.3 MSEK.

• Q2 2025 net result after tax was -2.3 MSEK, compared to 18.5 MSEK in Q2 2024; H1 2025 net result was -0.3 MSEK versus 17.0 MSEK year-over-year.

• Dividend distributed 690,993 depository receipts in First Nordic Metals, providing a direct yield of about 10% to shareholders.

• Divestment of FairValue FV AB resulted in a loss, strengthening liquidity and focus on core business.

• Largest holding, Evendo Ltd, increased revenues by 169% in H1 2025 year-over-year and surpassed break-even.

Financial highlights

• Q2 2025 net sales: 2.3 MSEK (Q2 2024: 3.6 MSEK); H1 2025: 7.7 MSEK (H1 2024: 4.3 MSEK).

• Q2 2025 net result after tax: -2.3 MSEK (Q2 2024: 18.5 MSEK); H1 2025: -0.3 MSEK (H1 2024: 17.0 MSEK).

• Earnings per share for H1 2025: -0.00 SEK (H1 2024: 0.18 SEK); Q2 2025: -0.03 SEK (Q2 2024: 0.20 SEK).

• Equity at June 30, 2025: 65.4 MSEK (June 30, 2024: 78.7 MSEK); cash and equivalents: 0.4 MSEK (0.7 MSEK).

• Solvency ratio at period end: 92% (95%); net asset value per share: 0.71 SEK (0.85 SEK).

Outlook and guidance

• Management expects continued strong performance from Evendo in H2 2025, with anticipated revenue growth exceeding H1.

• Ongoing discussions for new share distributions and strategic collaborations in H2 2025.

• Focus remains on core business and leveraging liquidity for new opportunities amid market volatility.