WRVNasdaq StockholmAsset ManagementIFRS · SEK

Webrock Ventures

Webrock Ventures AB (publ) is a Swedish venture studio and investment company with operations centered in Stockholm and São Paulo. It builds and holds a portfolio of businesses, with a focus on tech ventures in Brazil and a separate finance-oriented portfolio under Brazil Finance Group.

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Revenue1.4m SEK
Operating profit (EBIT)21.1bn SEK
+5,543.1 %y/y
EBIT margin1,523,160.4%

Fiscal year 2025 · change from previous year

Development 2022–2025

-5,00005,00010,00015,00020,00025,000m SEK2022: EBIT -268 m SEK20222023: EBIT -145 m SEK20232024: EBIT -388 m SEK20242025: 1.4 m SEK2025: EBIT 21,126 m SEK20251.421,126
RevenueOperating profit (EBIT)
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Business

Share of revenue
Tech Ventures50 %

Builds and develops technology companies for long-term value creation and eventual exit.

Brazil Finance Group50 %

Builds credit portfolios across sectors such as health and SME lending to generate dividends.

Customers

Webrock does not sell to a broad retail customer base; its economic counterparties are portfolio companies, borrowers, and ultimately the end-markets served by those businesses. In Tech Ventures, the company backs and develops tech businesses in Brazil, while in Brazil Finance Group it serves credit and lending needs across sectors such as healthcare and SMEs. The model depends on capital allocation, portfolio performance, and the ability of underlying businesses to scale or generate cash flow.

Tech venture portfolio companies

Early-stage and growth-stage tech businesses that receive capital, operating support, and incubation.

Brazilian SME borrowers

Small and medium-sized enterprises using credit products built within Brazil Finance Group.

Healthcare-related credit clients

Borrowers in health-related verticals that form part of the diversified credit portfolio.

Shareholders and capital providers

Investors exposed to NAV growth, exits, and dividend generation from the portfolio.

Strategy

Webrock’s strategy is built around two distinct engines: Tech Ventures for NAV growth and exits, and Brazil Finance Group for stable cash flows and dividends. The company aims to compound value through venture building, portfolio diversification, and disciplined fair-value management of its holdings.

Grow Tech Ventures portfolio valueMedium term

Exit-driven value creation depends on building scalable businesses in attractive verticals.

Expand Brazil Finance GroupMedium term

Diversified credit portfolios can support recurring cash flow and dividends.

Achieve financial selfsufficiencyShort term

A self-funded structure reduces dependence on external capital and supports resilience.

Geography

Webrock is headquartered in Sweden and maintains a key operating presence in São Paulo, Brazil. The company’s portfolio is explicitly focused on Brazil, which makes Brazilian market conditions, currency movements, and local valuation assumptions central to performance. Sweden functions as the corporate base, while Brazil is the main operating and investment geography.

Risks

Webrock’s results depend heavily on the valuation and performance of privately held portfolio companies, which can be difficult to benchmark and may change materially between reporting periods. The business is also exposed to Brazilian macroeconomic conditions, credit performance, and foreign exchange movements because fair values are measured in local currency and translated into group reporting currency.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Brazil macro and credit risk1Fair-value estimation risk2Portfolio concentration risk3
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. Brazil macro and credit riskImpact: HighLikelihood: Medium

    Credit portfolios depend on borrower repayment and local economic conditions in Brazil.

    Exposure: Brazil Finance Group

  2. Fair-value estimation riskImpact: HighLikelihood: Low

    Portfolio companies are measured at fair value using assumptions, comparable transactions, and cash-flow models.

    Exposure: Private equity and venture portfolio

  3. Portfolio concentration riskImpact: MediumLikelihood: Medium

    A venture studio model can be exposed to a limited number of holdings and sector bets.

    Exposure: Tech Ventures and early-stage investments

  4. Foreign exchange riskImpact: Medium

    Portfolio fair values are calculated in local currency, so translation and valuation can be affected by FX swings.

    Exposure: Brazilian holdings versus Swedish reporting currency

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Accounting

Judgemental items
Fair value of portfolio companies

Changes in assumptions, market transactions, and discount rates can materially affect carrying values and earnings.

Impact: Reported NAV and interim profit/loss

Foreign currency effects on valuations

Portfolio companies are valued in local currency, so exchange-rate changes influence reported fair value.

Impact: Translation gains/losses and balance-sheet carrying values

Sensitivity analysis and estimation uncertainty

The company discloses sensitivity around key valuation parameters, highlighting estimation risk.

Impact: Investor assessment of valuation reliability

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Last updated: 24/09/2026

Webrock Ventures (XSTO) – Asset Management | Financial Analysis – Clarifo