Linc (LINC) Q4 2024 earnings summary

Executive summary

• Substantial value growth in 2024, driven by MedCap and the Calliditas bid, with a focus on long-term operational development and portfolio expansion.

• Net asset value per share increased by 36.9% for the year and 4.6% in Q4; no dividend proposed for the period.

• Major investments included new positions in Oncoinvent and ACE Health, and increased stakes in Sedana Medical, C-RAD, and OssDsign.

• Portfolio rebalanced with divestments of Calliditas Therapeutics and Xbrane Biopharma; significant cash inflow from Nefecon sale.

• Market volatility and sector caution persisted, especially in biotech, but operational performance in core holdings remained strong.

Financial highlights

• Full-year net income rose to SEK 1,301.6m (619.5m year-over-year); Q4 net income at SEK 211.1m (490.6m year-over-year).

• Operating income (EBIT) for 2024 was SEK 1,277.0m (648.6m year-over-year); Q4 EBIT at SEK 202.8m (484.5m year-over-year).

• Return on net asset value per share was 36.9% for the year (21.3% year-over-year) and 4.6% in Q4 (16.1% year-over-year).

• Earnings per share reached SEK 22.5 (10.7 year-over-year) for the year and SEK 3.6 (8.5 year-over-year) in Q4.

• Net asset value at year-end was SEK 4,830.7m (3,529.1m year-over-year), or SEK 83.4 per share.

Outlook and guidance

• Investment pace targeted at SEK 300–400m per year, with excess liquidity placed in sector ETFs and interest-bearing instruments.

• Focus remains on operational development in existing investments and seeking new unique opportunities aligned with Linc's model.

• Positive long-term view on MedCap and Stille, despite short-term volatility and recent negative news in MedCap's UK business.