HAV-BNasdaq StockholmFinancialsIFRS · SEK

Havsfrun Investment B

Havsfrun Investment AB is a Swedish listed investment company based in Stockholm. Its business is to own and manage a portfolio of listed equities, equity funds, and other financial instruments, while also maintaining the corporate structure and governance needed for a public-market investment platform.

Ask about the company
Operating profit (EBIT)12.0m SEK
+343.8 %y/y
Net income12.9m SEK
+613.6 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-10-5051015m SEK2021: EBIT 3.4 m SEK20212022: EBIT -5.7 m SEK20222023: EBIT -1.8 m SEK20232024: EBIT -4.9 m SEK20242025: EBIT 12 m SEK202512
RevenueOperating profit (EBIT)
Ask Clarifo about Havsfrun Investment B

Business

Share of revenue
Listed equity investments55 %

Direct holdings in publicly traded shares and share-like instruments.

Equity funds25 %

Investments in pooled funds with equity market exposure.

Other financial instruments15 %

Derivatives, currency positions, and other securities used in portfolio management.

Corporate platform and advisory activities5 %

Holding-company and platform functions, including limited consulting and structure-related activities.

Customers

Havsfrun does not sell products to end consumers; its economic counterparties are the capital markets. Its returns are driven by shareholders who provide capital and by the issuers, funds, and market counterparties in which it invests. The company also positions itself as a public-company platform that could be used in a larger transaction or reverse merger.

Shareholders and public-market investors

Buy and hold the listed B-share for exposure to the investment portfolio and corporate platform.

Portfolio issuers and fund counterparties

The company allocates capital into listed shares, funds, and other instruments across markets.

Potential transaction partners

Larger Nordic companies that could combine with Havsfrun through a reverse merger or similar structure.

Strategy

Havsfrun’s strategy is centered on active portfolio management and preserving a public-market platform with optionality for a larger corporate combination. The company also emphasizes long-term capital appreciation with controlled drawdowns, using its listed structure as a potential vehicle for a reverse merger with a Nordic growth company.

Active portfolio managementShort term

Portfolio value is the main driver of shareholder returns in an investment company model.

Maintain public-market platform optionalityMedium term

A listed shell/platform can support a future combination with a larger company.

Control market and currency exposureMedium term

Returns depend on market moves and foreign-currency valuation changes.

Geography

Havsfrun is headquartered in Stockholm and is organized as a Swedish public company listed on Nasdaq Stockholm. Its portfolio is globally invested, with exposure to international equity markets and foreign-currency assets rather than a single operating geography.

Risks

The main risks are market-driven: equity prices, fund valuations, and foreign exchange movements can quickly change portfolio value. As a listed investment company, Havsfrun is also exposed to broader macro volatility, geopolitical shocks, and the execution risk of any future corporate transaction.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Equity market volatility1Foreign exchange risk2Geopolitical and macro uncertainty3
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Equity market volatilityImpact: HighLikelihood: High

    The company’s value is primarily tied to listed securities and equity funds.

    Exposure: Portfolio fair value

  2. Foreign exchange riskImpact: HighLikelihood: Low

    Foreign-currency assets fluctuate with exchange rates and are not fully hedged.

    Exposure: Noted foreign-currency holdings

  3. Geopolitical and macro uncertaintyImpact: MediumLikelihood: High

    Global conflicts and economic uncertainty can depress asset prices and increase volatility.

    Exposure: Global portfolio

  4. Transaction execution riskImpact: Medium

    A future merger or reverse transaction depends on finding and completing a suitable deal.

    Exposure: Corporate strategy

Ask Clarifo about Havsfrun Investment B

Accounting

Judgemental items
Fair value measurement of investments

Listed shares and funds must be marked to market, making reported value sensitive to market moves.

Impact: Directly affects net asset value and earnings

Foreign currency translation/valuation

Foreign-currency assets are revalued as exchange rates move.

Impact: Can create gains or losses without underlying trading activity

Dividend recognition

Dividends are recognized when formally decided, affecting period timing.

Impact: Impacts liabilities and equity timing

Lease accounting

Office leases are treated as operating leases in the parent company under RFR 2.

Impact: Affects administrative expense recognition

Similar listed companies

Publicly listed companies with a comparable business focus.

Healthier Choices Management Corp.

HCMC · Tobacco Products

Hong Yuan Holding Group

HGYN · Plastic Materials, Synth Resins & Nonvulcan Elastomers

Valuence Merger Corp. I

VMCUF · Blank Checks

American Exceptionalism Acquisition Corp. A

AEXA · Blank Checks

Artificial Intelligence Technology Solutions Inc.

AITX · Services-Prepackaged Software

Amgen Inc

AMGN · Biological Products, (No Diagnostic Substances)

Last updated: 24/09/2026

Havsfrun Investment B (XSTO) – Financials | Financial Analysis – Clarifo