2025 Hvaler Invest Results: 20,6% ROE

Following a strong performance in 2024, Hvaler Invest delivered solid results in 2025, achieving 20.6% return on equity (ROE) and a 19.2% return on investment (ROI).

Crayon was a standout performer this year – With a lot of turbulence along the way. Morrow Bank also performed exceptionally well, while Protector continued its track record of impressive profitable growth. SWON was a positive surprise, and Link rounded out a strong year with solid contributions across the board.

The IT consultancy sector continued to face headwinds in 2025. B3 Consulting Group and Webstep both felt the pressure of a challenging market. While disappointing, we believe the underlying market dynamics are temporary, and we remain patient and confident in the long-term outlook for both companies.

We are pleased that the broader portfolio strength more than offset these headwinds, and the diversification across sectors proved its value this year.

2025 proved to be exactly the interesting — and at times turbulent — year we anticipated, with significant (geo)political challenges shaping markets. We stayed the course, remaining invested in companies we consider of high quality, and we believe this discipline will continue to serve us well.

Our communication will continue to be "open and transparent" and not necessarily "politically correct" 🙂

All the best,

Team Hvaler Invest David, Fredrik, Theodor and Sverre Lillestrøm, 21.05.26.