Traction (TRAC) Q3 2025 earnings summary

Executive summary

• Net result after tax for Q3 was -62 MSEK, mainly due to weak performance in active holdings, especially Nilörngruppen and BE Group, which together impacted results by -83 MSEK.

• Financial placements contributed positively with 50 MSEK in Q3, while unlisted holdings had a neutral effect.

• For the nine months, net result after tax was 39 MSEK, with financial placements contributing 150 MSEK and active listed/unlisted holdings negatively impacting by -58 MSEK and -45 MSEK, respectively.

• After the reporting period, the value change including dividends on listed holdings was 54 MSEK as of October 27, 2025.

Financial highlights

• Q3 result per share: -4.17 SEK (0.72 SEK in Q3 2024); nine months: 2.63 SEK (23.96 SEK in 2024).

• Net asset value (NAV) per share at period end: 281 SEK (287 SEK in 2024).

• NAV per share increased by 1% (9% in 2024) adjusted for dividend.

• Return on active listed holdings: -12% in Q3, -6% for nine months; other listed shares: +3% in Q3, +9% for nine months.

• Stockholm stock exchange (SBX) including dividends rose 4% in Q3 and 6% for nine months.

Outlook and guidance

• Increased global demand risk in 2025 due to higher US tariffs and unpredictable US policy proposals, contributing to greater financial uncertainty.