Svolder (SVOL) Q3 25/26 earnings summary

Executive summary

• Net result for the quarter was 417 MSEK (40), or 4.10 SEK (0.40) per share, driven by strong portfolio performance and positive contributions from key holdings.

• Net asset value (NAV) per share increased by 7.8% to 55.90 SEK, outperforming the Carnegie Small Cap Return Index, which rose 2.9%.

• The share price (B) including reinvested dividends rose 5.0% to 54.10 SEK per share.

• Quarterly dividend of 0.45 SEK per share (46 MSEK) was paid.

• After the reporting period, NAV per share was 55 SEK and share price 52.65 SEK as of June 5.

Financial highlights

• For the nine-month period, net result was 8 MSEK (91), or 0.10 SEK (0.90) per share.

• NAV including reinvested dividends increased by 0.2% over nine months.

• Share price (B) including reinvested dividends increased by 2.9% over nine months.

• Total return over 10 years: NAV +271%, share price (B) +287%.

• Portfolio was unleveraged at period end, with net receivables of 323 MSEK (5.6% of NAV).

Outlook and guidance

• Early signs of recovery in Swedish small and mid-cap companies, with improved order intake and margin stabilization.

• Gradual improvement in market sentiment and increased IPO activity signal a more positive outlook.

• Swedish economy shows resilience with falling inflation, strong public finances, and recovering consumer confidence.

• Selectivity and company analysis remain crucial due to uneven recovery across sectors.