Mashup Ireland (MASHUP) Q2 2025 earnings summary

Executive summary

• Revenue entitlement from investments reached SEK 75 million, a 50% year-over-year increase, driven by organic growth and acquisitions.

• EBITDA entitlement was SEK 2.4 million, up from SEK 0.6 million in the prior year, reflecting improved subsidiary performance.

• Strategic shift to an investment company model, focusing on Irish SMEs, with reporting now under IFRS as an investment entity.

• Portfolio companies, including Autofulfil, FSR Atlantic, Fettle, Kollect, Mashup PLC, and MFC Foods, performed in line with or above expectations.

Financial highlights

• Reported revenue for the period was SEK 44K, reflecting only dividend income due to new IFRS reporting; prior year was SEK 50 million under consolidated reporting.

• EBITDA for the period was SEK -30 million, mainly due to a SEK -29 million loss on revaluation from deconsolidation and fair value adjustments.

• Operating expenses (excluding depreciation and finance costs) were SEK 612K, down from SEK 14.2 million year-over-year due to deconsolidation.

• Total assets increased to SEK 99 million from SEK 32 million, driven by accounting changes and new investments.

• Value of investments at period end was SEK 84 million, up from zero last year due to the new investment entity status.

Outlook and guidance

• Management remains optimistic about the Irish SME market, citing significant opportunities for value creation.

• Focus remains on supporting portfolio companies and pursuing further investments in underserved Irish SMEs.

• Trading since period end has been strong, with year-on-year growth in line with internal projections.