Linc (LINC) Q2 2024 earnings summary

Executive summary

• Net result for Q2 2024 reached SEK 1,040.9m, a sharp turnaround from SEK -111.8m in Q2 2023, driven by strong value gains in portfolio companies, especially MedCap and Calliditas.

• Return on NAV per share was 29.0% for Q2 2024 and 31.2% for H1 2024, reflecting robust portfolio performance.

• Major events included a recommended bid for Calliditas, new investments in ACE Health, and increased stakes in several portfolio companies.

Financial highlights

• Q2 2024 operating income (EBIT) was SEK 1,036.1m, up from SEK -140.0m in Q2 2023.

• H1 2024 net result was SEK 1,102.2m, up from SEK 168.0m year-over-year.

• NAV per share at June 30, 2024, was SEK 80.0, up from SEK 53.1 a year earlier.

• Value change in listed holdings for H1 2024 was 38.7% (+SEK 1,102.2m); unlisted holdings saw a minor decrease of -0.8% (-SEK 2.4m).

• Largest positive contributions came from MedCap (+47.9%, +SEK 479.0m) and Calliditas (+61.8%, +SEK 468.0m).

Outlook and guidance

• Management sees continued strong operational development in major holdings and significant long-term potential in the portfolio.

• No material events have occurred after the reporting period.