Midsona AB (publ) (MSON_B) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Results call for the second quarter and the first half of 2025. I'm joined here in the studio by our CFO, Jenny Aschman-Hakvinius, and our CEO, Christian Sederholm. Both will soon give their presentations. Today, we are also fortunate to have the CEO of Möllnlykke, Slatko Richter, with us, and he will provide some more in-depth comments on that company. Following his presentation, we will be opening up for questions, both via our operator and online. And with that, over to you, Christian. Thank you, Jacob. And hello, everyone. So, Q2 results were healthy in a turbulent environment. Our adjusted net asset value grew 3% in line with the 6RX return index. Our TSR, however, was minus 5%, reflecting a wider discount. In times like these, we stay close to and support our companies as many are focusing a lot on cost efficiency and agility. We have continued to see significant investment activity across the portfolio, reflecting attractive opportunities in all three business areas. Our financial position remains strong. At the end of the quarter, our net asset value stood at 961 billion Swedish. Let me briefly go through the three business areas, starting with listed companies that represents about 70% of our portfolio. Listed companies generated a total return of 6% ahead of the 6RX return index that gained 3%. Saab was the main driver of our outperformance. During the quarter, we invested 1.2 billion in Ericsson. We continue to see Ericsson as well positioned to deliver profits and cash flow and to find new growth avenues over time. We've entered a contract to divest 5 million shares in SEB in order to avoid potential regulatory implications from our ownership increasing as SEB buys back and cancels shares. We remain positive to SEB's long-term potential and we're comforta...