I Love Lund (LOVE) Q2 2025 earnings summary

Executive summary

• Achieved best quarterly result in recent years, with book value and estimated NAV increasing over the quarter, despite a strict write-down policy and challenging market.

• Portfolio diversification and risk management prioritized, with Beammwave now the largest holding by market value.

• Largest new investment to date: SEK 1.4m in Lead Biologics, a cancer immunotherapy company.

• Shareholder base grew by about 30 during the quarter, reflecting increased visibility and local investment interest.

• Relative return up +15% for the quarter and +27% for the year, with portfolio volatility halved compared to benchmarks.

Financial highlights

• Net sales for the period were SEK 0 (0); other operating income SEK 13,950 (27,900).

• Operating loss for H1 2025 was SEK -1.6m (H1 2024: -1.5m); Q2 operating loss SEK -837k (Q2 2024: -811k).

• Net financial items for H1: SEK -2.4m, impacted by a SEK -2.9m one-off write-down from a new valuation principle for listed holdings.

• Result after financial items for H1: SEK -4.0m (H1 2024: -3.0m); Q2 result after financial items: SEK 211k (Q2 2024: -961k).

• Equity per share at period end: SEK 83.65 (106.67); NAV per share: SEK 116.42.

• Earnings per share for H1: SEK 0.49 (-2.5) for Q2.

• Cash and cash equivalents at period end: SEK 890k; no long-term interest-bearing debt.

Segment performance

• Portfolio consists of about 50 companies, mainly early-stage, innovative, unlisted firms in Lund and Greater Lund.

• Largest holdings by value: Beammwave (5G/6G tech), Camurus (pharma), Alfa Laval (industrial), Finshark (fintech), Parlametric (AI analytics), Life Finder (IoT safety), Lead Biologics (cancer therapy).

• Notable portfolio developments: Beammwave's share price surged; Finshark transitioned to profitability; Sensative and LifeFinder completed successful capital raises.

• New investments: SEK 1.4m in Lead Biologics; follow-on investments in LifeFinder and Sensative.

• Partial divestments in Camurus and Alfa Laval generated SEK 3.15m in positive cash flow for the half-year.