Västra Hamnen Corp. Finance (VH) Q2 2025 earnings summary

Executive summary

• Operating income for Q2 2025 reached 5.3 MSEK, up 35% year-over-year, driven by higher commission income.

• Operating profit for the quarter was 0.8 MSEK, reversing a loss of -0.6 MSEK in Q2 2024.

• Net profit after tax for Q2 2025 was 0.8 MSEK, compared to a net loss of -0.5 MSEK in the same period last year.

• The company opened a new office at Medicon Village in Lund and completed a 32 MSEK directed share issue for a cleantech client.

• Cost reductions from earlier staff cuts are expected to have full effect from the second half of the year.

Financial highlights

• Q2 2025 operating income: 5,310 KSEK (3,922 KSEK in Q2 2024); operating margin: 15%.

• Q2 2025 operating profit: 779 KSEK (-571 KSEK in Q2 2024); EPS: 0.78 SEK (-0.51 SEK in Q2 2024).

• H1 2025 operating income: 6,989 KSEK (8,688 KSEK in H1 2024); operating loss: -1,813 KSEK (-326 KSEK in H1 2024).

• Equity as of June 30, 2025: 9.3 MSEK (10.5 MSEK in June 2024); cash and equivalents: 4.2 MSEK (8.1 MSEK in June 2024).

• Negative cash flow for Q2 2025: -4.7 MSEK, mainly due to increased receivables.

Outlook and guidance

• Management notes increased business activity and risk appetite in the market, with expectations for continued deal flow.

• Full impact of cost reductions from staff cuts anticipated from the second half of 2025, supporting profitability improvements.