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First Venture Sweden
First Venture Sweden (FIRST) investor relations material
First Venture Sweden Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
Executive summary
Substantial activity in Q4 included a rights issue raising over SEK 20m, with 80% subscription, and significant investments in deep-tech companies Cloudbackend and Xios3, both targeting product launches in 2026.
A comprehensive review of portfolio valuations led to net write-downs of unlisted assets by over SEK 50m, mainly due to Cling Systems and Verduro being written down to zero.
Sprint Bioscience, a listed holding, completed a major asset sale to Gilead Sciences, securing an upfront payment of USD 14m and potential milestone payments up to USD 400m.
Financial highlights
Net asset value (NAV) at year-end was SEK 186.5m, or SEK 3.53 per share, down 34.4% in Q4; market value fell 33.8% in the same period.
Q4 result: -SEK 27.2m (vs. -SEK 6.0m Q4 2024), with write-downs of securities totaling -SEK 25.3m.
Operating result for Q4: -SEK 1.8m (vs. -SEK 2.0m Q4 2024).
Cash and cash equivalents at year-end: SEK 7.9m (vs. SEK 0.2m prior year).
Equity at year-end: SEK 149.6m (vs. SEK 165.8m prior year).
Outlook and guidance
Cloudbackend and Xios3 aim to launch products in 2026, with ongoing investments in other portfolio companies to support growth.
No dividend proposed for the year.
How to prevent future major portfolio write-downs
Rationale for new deep-tech investments
Plan to address 61.2% NAV discount
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Next First Venture Sweden earnings date
Q1 202621 May, 2026
First Venture Sweden
Next First Venture Sweden earnings date
Q1 202621 May, 2026
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Frequently asked questions
First Venture Sweden is an investment company that focuses on early-stage growth investments in sectors such as technology, health, and sustainability. It provides capital and strategic support to its portfolio companies. The company is headquartered in Stockholm, Sweden, and its shares are listed on the Nasdaq First North Growth Market.
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