Västra Hamnen Corp. Finance (VH) Q1 2025 earnings summary

Executive summary

• Operating income for Q1 2025 was SEK 1.7 million, down from SEK 4.8 million year-over-year, mainly due to lower commission income.

• Operating result was SEK -2.6 million, compared to SEK 0.2 million in Q1 2024, reflecting the revenue decline.

• Net result after tax was SEK -2.6 million, with EPS at SEK -2.59 (SEK 0.19 last year).

• CEO notes several new assignments in progress, with revenue recognition expected upon completion; cost reductions from staff cuts will be fully realized after mid-year.

Financial highlights

• Revenue decreased by 64% year-over-year to SEK 1.7 million.

• Operating expenses fell by 6% to SEK 4.3 million, mainly due to lower personnel costs.

• Cash flow from operations was negative SEK 2.2 million, an improvement from SEK -3.4 million last year.

• Equity at March 31, 2025, was SEK 10.0 million (SEK 14.0 million last year); cash and equivalents were SEK 8.9 million.

Outlook and guidance

• Several new mandates are underway, with revenue to be recognized upon completion.

• Cost savings from staff reductions will be fully reflected after the first half of 2025.

• Market turbulence is causing some transaction delays, but deal inquiries are at historically strong levels.