Traction (TRAC) Q2 2025 earnings summary

Executive summary

• Net income for Q2 was 42 MSEK, down from 216 MSEK year-over-year; H1 net income was 100 MSEK, down from 344 MSEK.

• Substantial negative impact from unlisted holdings, especially Ankarsrum Industries, offset by strong financial placements.

• Substansvärde (NAV) per share increased 2% in H1, adjusted for dividends.

• Major divestment of OEM International shares for 340 MSEK, with remaining stake reclassified as a financial placement.

Financial highlights

• Q2 earnings per share: 2.81 SEK (14.57 SEK last year); H1 EPS: 6.79 SEK (23.23 SEK last year).

• NAV per share at period end: 285 SEK (278 SEK last year).

• Dividend of 133 MSEK paid in H1.

• Cash and equivalents at 664 MSEK as of June 30, 2025.

Outlook and guidance

• Management aims to reduce cash and fixed income share in favor of new investments, but will proceed cautiously due to market uncertainties.

• Post-period, listed holdings declined by 15 MSEK as of July 17, 2025.