Linc (LINC) Q2 2025 earnings summary

Executive summary

• Substantial volatility and challenging sentiment in life science markets impacted both listed and unlisted holdings during H1 2025, with significant negative value changes in key holdings but operational progress in several portfolio companies.

• Substantial negative return on net asset value per share for H1 2025 at -13.4% (31.2%), but a positive Q2 at 9.1% (29.0%).

• Notable operational milestones include FDA Early Access approval for Sedana Medical, strategic acquisitions by Medcap and Stille, and strong clinical progress in Oncorena and Cinclus Pharma.

Financial highlights

• H1 2025: Result from management operations -646.8 MSEK (1,101.0 MSEK), operating result -653.1 MSEK (1,095.4 MSEK), net result after tax -645.2 MSEK (1,102.2 MSEK), EPS -11.1 SEK (19.0 SEK).

• Q2 2025: Result from management operations 367.6 MSEK (1,039.1 MSEK), operating result 364.8 MSEK (1,036.1 MSEK), net result after tax 350.8 MSEK (1,040.9 MSEK), EPS 6.1 SEK (18.0 SEK).

• Net asset value per share at period end: 72.3 SEK (80.0 SEK at Q2 2024, 83.4 SEK at FY 2024).

• Portfolio value at period end: 3,608 MSEK (4,208 MSEK at Q2 2024).

Outlook and guidance

• Linc remains well positioned with a strong balance sheet to capitalize on market opportunities, focusing on selective, long-term investments in companies with clear clinical and commercial potential.

• Management expects continued market turbulence but sees opportunities for long-term value creation through opportunistic investments.