Linc (LINC) Q4 2025 earnings summary

Executive summary

• Substantial decline in net asset value and earnings for both Q4 and full year 2025, with negative returns and losses across key metrics compared to strong results in 2024.

• No dividend proposed for the period, reflecting the challenging financial environment.

• Despite financial setbacks, several portfolio companies achieved operational milestones and successful capital raises.

Financial highlights

• Q4 2025 return on net asset value per share: -2.4% (4.6% in Q4 2024).

• Q4 result from management operations: -116.8 MSEK (208.7 MSEK); operating result: -120.7 MSEK (202.8 MSEK); net result after tax: -108.2 MSEK (211.1 MSEK); EPS: -1.9 SEK (3.6 SEK).

• Full year 2025 return on net asset value per share: -8.3% (36.9% in 2024).

• Full year result from management operations: -409.3 MSEK (1,291.2 MSEK); operating result: -422.8 MSEK (1,277.0 MSEK); net result after tax: -399.6 MSEK (1,301.6 MSEK); EPS: -6.9 SEK (22.5 SEK).

• Net asset value at year-end: 4,431 MSEK (4,831 MSEK); net asset value per share: 76.5 SEK (83.4 SEK).

• Solid equity ratio of 99.7% at year-end.

Outlook and guidance

• Entering 2026 with a strong financial position and well-funded major biotech holdings.

• Medtech segment expected to continue generating significant cash flow, supporting organic and acquisition-driven growth.

• Regulatory and pricing uncertainties in the US persist, but anticipated to have a mild aggregate impact; lower interest rates could boost risk appetite in biotech.