Havsfrun Investment Ab Class B · OMXSTO:HAV_B
Havsfrun Investment Ab Class B — Aeternum Capital AS — Merger or Acquisition (October 2026)
17 slides from Havsfrun Investment Ab Class B's merger presentation, Oct 26, 2026
Slide 1: Introduction to Aeternum Capital
INTRODUCTION TO AETERNUM CAPITAL. 26. October 2026 – EGM Havsfrun Investment AB 1 Introduction to Aeternum Capital – Aeternum Capital AS
Slide 2: Aeternum Capital at Glance
AETERNUM CAPITAL AT GLANCE. • Founded in 2021, inspired by Sweden’s focused long-term investment companies, with the vision to offer a 01. Background cost-efficient, non-replicable portfolio to family offices, retail and institutional investors. • Targeting a future listing to secure permanent capit
Slide 3: Aeternum Challenging Small Cap Oriented ICs
AETERNUM CHALLENGING SMALL CAP ORIENTED ICs. 5.5-year TSR/NAV CAGR* 5,7 0,6 8,4 6,7 CARNEGIE Percent (SEK) Creades SC INDEX 2,7% Svolder Bure Öresund Aeternum -0,4 38 Mcap: 6.1 bn 18 Unlisted share of 11 Mcap: 8.9 bn portfolio Mcap: 15.1 bn 2 Percent 0 Svolder Bure Öresund Creades Aeternum 92 91 80
Slide 4: What We Look For: Investment Criteria
WHAT WE LOOK FOR: INVESTMENT CRITERIA. CHARACTERISTICS. KPI’S. 1. Businesses with a demonstrated ability to grow organically 10-year average organic growth > GDP 2. Businesses with strong market positions and pricing power 10-year average EBITA margin > 10% 3. Self-funded businesses that can grow us
Slide 5: Attractive Portfolio of Industry Leaders (1/2)
ATTRACTIVE PORTFOLIO OF INDUSTRY LEADERS (1/2). 12% 17% 28% 1.9x ORGANIC GROWTH EBITA MARGIN ROIC NET DEBT/EBITDA 10-year average 10-year average 10-year average, excl. goodwill Current 5 Introduction to Aeternum Capital – Aeternum Capital AS
Slide 6: Attractive Portfolio of Industry Leaders (2/2)
ATTRACTIVE PORTFOLIO OF INDUSTRY LEADERS (2/2). Publicly listed companies Publicly listed companies with strategic agenda Privately held companies PUBLIC STRATEGIC PRIVATE 6 Focus Increased liquidity, higher MCAP companies, Long term holdings with an active ownership Focus ‘between founders and priv
Slide 7: Highly Diversified Across Sectors, Focused on Sweden
HIGHLY DIVERSIFIED ACROSS SECTORS, FOCUSED ON SWEDEN. GEOGRAPHY. SECTOR. OWNERSHIP. Denmark Healthcare 8% 6% Industrial niches Strategic Public 15% 28% 34% Norway Business services 25% 27% SEK SEK SEK 1.8Bn Software 19% 1.8Bn 1.8Bn Sweden 68% Consumer Private 24% 38% 7 Source: Yalmar per 30.09.26, S
Slide 8: Underlying Operating Profit per Share Growing Steadily
UNDERLYING OPERATING PROFIT PER SHARE GROWING STEADILY. Fund operating profits per share 180 12,0 Fund operating profits per share (NOK) 160 Fund operating profits (NOK million) 9,7 9,2 10,0 140 8,7 7,3 7,6 120 7,2 7,1 6,9 8,0 100 5,9 5,7 5,7 5,7 5,7 5,4 5,3 6,0 80 4,6 4,6 4,5 4,1 60 4,0 40 2,0 20 0
Slide 9: Healthy Growth for Portfolio Going Forward
HEALTHY GROWTH FOR PORTFOLIO GOING FORWARD. WEIGHTED AVERAGE GROWTH AND MULTIPLE. AETERNUM EV/EBIT VS. EBIT GROWTH 2026E. Series 1 Bubble size 35x represents 13.9x 14.4% weight in 30x fund. 25x 20x EV/EBIT(A) 15x 10x 5x 0x -15% -5% 5% 15% 25% 35% 45% -5x EV/EBIT 2026E EBIT Growth 2026E -10x 9 EBIT(A
Slide 10: Outperforming Peers Since Inception (SEK)
OUTPERFORMING PEERS SINCE INCEPTION (SEK). INVESTMENT COMPANY PEERS. PUBLIC MARKET PEERS. Öresund 58% Alcur Grow 70% Aeternum "Listed" 59% Aeternum 39% Alcur Select 56% Svolder 31% MSCI Nordic Small Cap Index 48% Latour 14% Cliens Småbolag 35% Bure 11% First Veritas 32% ODIN Sverige 30% Creades 5% O
Slide 11: Team with Solid Investment Track Record and Experience
TEAM WITH SOLID INVESTMENT TRACK RECORD AND EXPERIENCE. Henrik currently CEO of Corda. Keeping Aeternum engagement as Board Member in Nordic Ski & Mountains AB. Vegard Søraunet Anthea Arff-Pettersen Gaute Gillebo Linn Nærup Børke Henrik Knudtzon Investment Director and Partner - Public Investment Di
Slide 12: Highly Experienced Industrial Advisory Board
HIGHLY EXPERIENCED INDUSTRIAL ADVISORY BOARD. Anders Moberg Kristina Willgård Sverre Hurum Per Bertland Torben Jørgensen Rosie Kropp Consumer Healthcare,M&A Software, Business services Industrial niches Healthcare Brands, marketing, leadership • Former CEO IKEA Group • Former CEO of Addlife • Former
Slide 13: Success Factors for Next Five-Year Period
SUCCESS FACTORS FOR NEXT FIVE-YEAR PERIOD. PORTFOLIO AND PERFORMANCE. AETERNUM CHARACTHERISTICS. 1 Positive underlying development in portfolio companies 4 Unique and non-replicable assets Continued growth in sales and operating profit in portfolio, in line Non-replicable portfolio, with meaningful
Slide 14: Why Aeternum?
WHY AETERNUM? 1. Flexible mandate facilitating unique deal flow 2. Invest in asset classes that outperform over time; quality bias with SME focus 3. Attractive portfolio of industry leaders and non-replicable private assets 4. Outperforming peers since inception 5. Team with solid investment track r
Slide 15: Risk Factors
Valuation. Because of overall size, concentration in particular markets, sectors and companies, liquidity issues, and the use of models, the value at which the Fund’s investments can be realized may differ, sometimes significantly, from the interim valuations. The actual realized returns generated b
Slide 16: Risk Factors
General risk. An investment in the Fund is speculative and involves a significant degree of risk. It should be remembered that the value of shares and the income (if any) derived from them can go down as well as up, which again may impact the value of the Fund and its shares. The Fund is designed fo
Slide 17: Disclaimer
DISCLAIMER This presentation (the "Presentation") has been prepared by Aeternum Management AS (the "Manager") and provides information about the strategy for the alternative investment fund Aeternum Capital AS (the "Fund", "Aeternum Capital" or "Aeternum"). This information is intended for general i
Aeternum Capital AS — Merger or Acquisition (October 2026) on 6ix