First Venture Sweden (FIRST) investor relations material

Executive summary

• Net asset value (NAV) remained unchanged at 186.5 MSEK for Q1 2026, outperforming the First North All Share Index, which declined 14.7% during the same period.

• The listed portfolio increased by nearly 14 MSEK, mainly due to Sprint Bioscience, while the unlisted portfolio decreased by about 8 MSEK.

• Investments of 4.4 MSEK were made in three holdings: Zigrid, One Two Analytics, and CombiQ.

• All remaining shares in Humble Group were sold after the period, generating over 7.2 MSEK.

Financial highlights

• Operating result for the quarter was -1.6 MSEK, an improvement from -2.3 MSEK in Q1 2025.

• Period result was -1.5 MSEK, compared to -1.7 MSEK year-over-year.

• Cash and cash equivalents at quarter-end were 2.0 MSEK, up from 0.5 MSEK last year.

• Equity at period end was 148.1 MSEK, with a solidity of 99.1%.

• NAV per share was 3.53 SEK; share price at quarter-end was 1.30 SEK, reflecting a 63.2% discount.

Outlook and guidance

• No significant divestments of listed shares are planned for the remainder of 2026.

• Most unlisted holdings are in early stages and unlikely to be divested in the coming quarters; investment capacity will be limited for the rest of 2026.

• Structural transactions remain a potential option if value-creating opportunities arise.