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Flat Capital
Flat Capital (FLAT) investor relations material
Flat Capital Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Completed integration of Double Sunday AB, adding 24.6 million Klarna shares to the portfolio via non-cash issue.
Major investments in AI and fintech, including Alpaca, Cerebras, and a new AI portfolio through OpenAI connections.
Net asset value (NAV) per share fell 8.2% in Q4, mainly due to Klarna's share price decline post-integration.
CEO transition announced, with Rickard El Tarzi to take over in April 2026.
Financial highlights
Q4 2025 profit after tax: -2,521,481 KSEK (Q4 2024: 127,959 KSEK); full-year 2025: -2,290,441 KSEK (2024: 107,950 KSEK).
NAV at year-end: 6,926,851 KSEK; NAV per share: 13.91 SEK.
Operating expenses: 12,531 KSEK for 2025, 0.33% of average NAV.
Investments in 2025 totaled 8,595,485 KSEK; divestments: 42,663 KSEK.
Cash and cash equivalents at year-end: 144,075 KSEK.
Outlook and guidance
No dividend proposed for 2025.
Focus on building a diversified portfolio and preparing for a potential listing change to Nasdaq Stockholm main list.
How will Flat reduce Klarna exposure
DSAB net debt impact on Flat's liquidity
Strategy for high-performing unlisted assets
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Next Flat Capital earnings date
Q1 202623 Apr, 2026
Flat Capital
Next Flat Capital earnings date
Q1 202623 Apr, 2026
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Frequently asked questions
Flat Capital is an investment company that makes long-term investments in both listed and unlisted growth-oriented businesses. The company focuses on companies with scalable business models, often in the technology or digital sectors. The company is headquartered in Stockholm, Sweden, and its shares are listed on the Spotlight Stock Market.
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