Esmaeilzadeh Holding publishes interim report for the period January - June 2025

“ During the first half of 2025, EHAB has undergone an intensive transition, by completing refinancing, divesting of a number of assets and focusing operations to four core holdings. We are now working purposefully to support our companies, realise values and reduce debt to promote stability and strengthen the future positions of EHAB and its portfolio companies.”   - Mikael Ericson, CEO

Financial overview

• The total net asset value was MSEK 4,437 (6,642), equivalent to SEK 5,567 (8,460) per ordinary share.
• Total assets were MSEK 6,017 (8,248).
• Net debt amounted to MSEK -1,505 (-1,339), which corresponds to a loan-to-value ratio (LTV)¹⁾ of 25% (16%). The equity ratio was 74% (81%).
• Loss for the six-month period amounted to MSEK -1,947 (-623) and earnings per share amounted to SEK -2,526 (-808). Loss for the second quarter amounted to MSEK -1,789 (-516) and earnings per share amounted to SEK -2,321 (-669).

Significant events during the second quarter of 2025

• EHAB divested the company's holdings in Ametalis AB and Eitrium AB during April. The sales resulted in a positive liquidity effect for EHAB of MSEK 130 and a negative effect on EHAB's total net asset value of MSEK 73. The divestments further condensed the portfolio into the core holdings while eliminating potential capital commitments vis-a-vis the divested portfolio companies.
• In April, EHAB repurchased its own bonds for a total nominal amount of MSEK 97.5. These bonds were subsequently cancelled prior to issuance of the new bond. 
• EHAB's new bond loan was issued on 28 April 2025, which also meant that the previous bond loan was redeemed in full. The new bonds have a maturity of three years, a deferred annual interest rate of 11 per cent and a total nominal amount of MSEK 1,649. The bonds are secured by a pledge of shares in EHAB’s portfolio companies as well as through a new intermediate holding company.
• At 30 June 2025, EHAB adjusted down the fair value of its shares in Lyvia Group by approximately MSEK 1,711, resulting in a post adjustment fair value of around MSEK 3,969, a reduction of about 30%. This adjustment follows EHAB’s valuation policy, which relies on a well-defined valuation hierarchy with a strong focus on recently executed transactions. In light of the time elapsed since the last transaction in Lyvia, EHAB determined, in line with this policy, that a revised valuation was warranted.

Significant events after the period

• No significant events have taken place after the end of the period.
   

Webcast

EHAB’s CEO, Mikael Ericson, will present the report in a webcast today at 10:00 CEST. Following the presentation, participants will have the opportunity to ask questions. You can join the webcast via the following link:

Esmaeilzadeh Holding AB - Investor Presentation - Jan-Jun 2025

It is also possible to participate via telephone conference through the following telephone number and conference ID:

+46 8 502 428 25

Conference ID: 223 199 643#

Local numbers (for participants outside Sweden)
 

For further information, please contact:

Mikael Ericson, CEO

mikael.ericson@ehab.group

The information was submitted for publication, through the agency of the contact person set out above, at 08.00 CEST on 29 August 2025.

About Esmaeilzadeh Holding AB (publ)

EHAB is an entrepreneurially driven investment company that invests in and develops resilient companies within selected industries. The primary focus is investments in operational groups with opportunities for both organic and acquisition-based growth. For more information, see www.ehab.group.

^{1) The definition of the loan-to-value ratio (LTV) was changed in connection with the publication of the first interim report for 2025, in order to better reflect the terms of EHAB’s new bond loan. All figures for comparison periods have been adjusted accordingly. See the definition of alternative key ratios for further details.}