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    Investment managers
Havsfrun Investment AB Class B

Havsfrun Investment AB Class B

SSTO:HAV_B
13.16
SEK
+0.20
(+1.54%)
0.41EPS
33.69P/E
166.58MMarket Cap
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
2.85
2.06
1.09
0.35
0.03
0.06
0.69
2.71
-0.44
1.02
1.24
0.37
1.7
0.97
Basic EPS, GAAP
2.13
1.18
0.24
-0.54
-0.11
-1.38
0.33
-1.43
0.28
-0.42
0.08
-0.21
1.07
0.41
Free Cash Flow per Basic Share
1.33
1.25
1.5
1.12
6.75
-0.08
0.12
8.49
-0.3
0.88
-0.06
-0.69
1.12
-2.13
Dividend per Share
1.5
1.5
1.5
1.5
1.5
1.5
1.5
1.5
1.5
- -
1
1
1.1
2
Book Value per Share
25.12
24.8
23.53
21.49
19.88
16.99
15.82
12.89
11.67
11.25
10.33
9.12
9.09
8.23
Tangible Book Value per Share
25.12
24.8
23.53
21.49
19.88
16.99
15.82
12.89
11.67
11.25
10.33
9.12
9.09
8.23
Basic Weighted Avg Shares
12
12
12
12
12
12
12
12
12
12
12
12
12
12
Sales/Revenue/Turnover
34
25
13
4
- -
1
8
33
-5
12
15
5
21
12
Operating Margin (%)
71.7
58.36
19
-151.68
-2,223.53
-945.26
46.15
-44.14
-93.83
-41.43
7.73
-55.85
64.43
44.69
Depreciation Expense
- -
- -
- -
- -
- -
- -
1
1
- -
- -
- -
- -
- -
- -
Net Income, GAAP
26
14
3
-7
-1
-17
4
-17
3
-5
1
-3
13
5
Effective Tax Rate (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Profit Margin (%)
74.75
57.16
21.58
-154.14
-353.48
-2,148.46
47.81
-52.95
-63.08
-40.55
6.53
-55.9
63.05
41.99
Working Capital
304
300
285
260
241
206
190
156
141
136
125
110
108
98
LT Debt
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Total Equity
304
300
285
260
241
206
192
156
141
136
125
110
110
100
Return on Invested Capital (%)
8.44
4.81
1.16
- -
- -
- -
2.03
- -
2.28
- -
-1.4
- -
10.85
4.09
Return on Capital (%)
8.46
4.82
1.16
- -
- -
- -
2.08
- -
2.29
- -
0.75
- -
11.74
4.65
Return on Common Equity (%)
8.58
4.71
0.97
-2.42
-0.53
-7.51
2
-10
2.29
-3.62
0.75
-2.14
11.74
4.65

Capital Structure

SEK

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
- -
- -
- -
LT Borrowings
- -
- -
- -
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
12
12
12
Market Capitalization
176
173
167

Working Capital

SEK

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
110
108
100
Cash, Cash Equivalents & STI
110
107
99
Accounts Receivable, Net
- -
- -
- -
Inventories
- -
- -
- -
Total Current Liabilities
2
1
1
Payables & Accruals
- -
- -
- -
ST Debt
- -
- -
- -
Deferred Revenue
- -
- -
- -

Growth Rates

SEK

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
-8.93%
-6.64%
-0.33%
Free Cash Flow
699.73%
30.98%
-263.61%
Net Income, GAAP
-136.35%
-291.58%
-613.61%
Sales/Revenue/Turnover
106.83%
-28.05%
355.32%
Total Cash Common Dividend
- -
- -
10%

Quarterly Revenue

SEK

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1
1
3
-1
5
2025
5
5
- -
2
21
2026
- -
5
- -
- -
- -

Quarterly Earnings Per Share

SEK

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
-0.04
-0.01
0.08
-0.24
-0.21
2025
0.22
0.29
- -
-0.02
1.07
2026
-0.16
0.3
- -
- -
- -

Quarterly Dividends Per Share

SEK

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
1
- -
- -
1
2025
- -
1
- -
- -
1.1
2026
- -
1
- -
- -
- -

Company Description

Company Profile APIChatGPT
CEO
Jonas Israelsson
Full Time Employees
3
Sector
Finance
Industry
Investment managers
Address
Nybrogatan 6 Stockholm AB Sweden 102 40
IPO Date
Jan 1, 1994
Website
havsfrun.se
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Business
Havsfrun Investment AB (publ) is a Sweden-based investment company that manages a diversified, multi-strategy portfolio focused on long-term capital growth for shareholders; its core offerings include a globally diversified selection of hedge funds and mutual funds alongside direct, long-term ownership investments primarily in Nordic technology, industrial, and real estate companies. Founded in 1987 and headquartered at Box 5855 in Stockholm, Sweden, the company operates with three employees plus a board and approximately 8,800 shareholders, maintaining around SEK 114 million in liquid placements as of recent reports. Listed on Nasdaq Stockholm since 1994 under the ticker HAV-B.ST, it targets active ownership and strategic opportunities in the diversified financials sector, particularly asset management and custody banks. The company's investment portfolio encompasses multi-strategy funds, global macro funds, equity long/short funds, credit funds, event-driven funds, and direct stakes in unlisted Nordic firms; it leverages its public listing to pursue mergers, acquisitions, and sponsorship roles in promising ventures. Geographically, operations center in Sweden with global fund exposure and Nordic direct investments, supported by historical subsidiaries such as Havsfrun Capital AB in Sweden and Havsfrun SA in Luxembourg. In recent developments, Havsfrun formed and invested approximately SEK 2.4 million in subsidiary HF Reverse (RTO) AB in June 2025 as a new acquisition vehicle to facilitate reverse takeovers and fast-track listings on the Spotlight Stock Market for smaller companies; it proposed and executed a spin-off of 49.6% of its stake in HF Reverse via an in-kind dividend to shareholders, approved at an extraordinary general meeting on August 22, 2025, while retaining majority ownership. HF Reverse achieved trading approval on Spotlight in September 2025, marking a key strategic expansion into acquisition sponsorship. The company continues monthly net asset value reporting, with recent gains including 2.9% in September 2025 and ongoing quarterly disclosures.