Linc (LINC) Q3 2025 earnings summary

Executive summary

• Strong recovery in Q3 2025 with a return on NAV per share of 8.5% compared to -0.3% last year, driven by a few key holdings, especially MedCap and Sedana Medical.

• For the first nine months, NAV per share declined by 6.0% versus a 30.9% increase last year, reflecting market volatility and negative currency effects.

• The company remains well-capitalized and opportunistic, increasing positions in promising holdings and maintaining a long-term investment perspective.

Financial highlights

• Q3 2025 management result: SEK 354.3m (Q3 2024: -SEK 18.4m); EBIT: SEK 351.0m (-SEK 21.1m); net result after tax: SEK 353.7m (-SEK 11.8m); EPS: SEK 6.1 (-0.2).

• 9M 2025 management result: -SEK 292.5m (9M 2024: SEK 1,082.6m); EBIT: -SEK 302.1m (SEK 1,074.2m); net result after tax: -SEK 291.5m (SEK 1,090.5m); EPS: -SEK 5.0 (18.8).

• Q3 value change in listed holdings: +13.5%, SEK 334.9m; unlisted: -2.0%, -SEK 7.7m.

• 9M value change in listed holdings: -8.1%, -SEK 247.1m; unlisted: +11.0%, SEK 39.6m.

• Largest positive Q3 contributor: MedCap (+SEK 347.0m, +26.1%).

Outlook and guidance

• Early signs of stabilization and recovery in biotech, especially for companies with advanced projects and near-term commercialization.

• Regulatory and trade uncertainties in the US expected to have a mild aggregate impact; interest rate cuts and stronger capital markets may boost risk appetite.

• The company is well-positioned to capitalize on market opportunities with a strong balance sheet.