Newcap (NEWCAP) Q4 2025 earnings summary

Executive summary

• Acquired 100% of NCI Advisory A/S in December 2025, shifting focus to Nordic credit investments and related asset classes.

• Strategic goal to become a leading Nordic asset manager through organic growth and acquisitions.

• NCI Advisory A/S platform provides a strong foundation, with a 17-year track record and average annual returns above 10%.

• Regulatory approval as an Alternative Investment Fund Manager (FAIF) enables international investor access.

Financial highlights

• Revenue (fee and commission income) for 2025: DKK 12.0m, up from DKK 10.8m in 2024.

• Net income after tax: DKK 5.0m (2024: DKK 4.4m).

• Operating profit before financial items: DKK 6.0m (2024: DKK 5.4m).

• Equity at year-end: DKK 25.7m (2024: DKK 5.7m), mainly due to the acquisition and capital increase.

• Cash position: DKK 11.9m at year-end.

Outlook and guidance

• 2026 revenue expected at DKK 11.5–13.5m; pre-tax profit forecast at DKK 2.5–5.0m.

• Five-year target: average return on equity of 10–15%.

• Dividend payout not expected in the near term; focus on reinvestment for growth.