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Flat Capital (FLAT) investor relations material
Flat Capital Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary20 Nov, 2025
Executive summary
Achieved a 260% subscription rate in an oversubscribed rights issue, raising 600 MSEK.
Completed first active majority investment: 458 MSEK for 63% of Defensor, a Nordic defense group.
Integrated Double Sunday AB (DSAB), adding significant Klarna exposure and increasing NAV pro forma to 8.9 BSEK.
Transitioned to IFRS reporting, with no restatements required.
Financial highlights
Net Asset Value (NAV) as of Sep 30, 2025: 1,480 MSEK, up 8% quarter-over-quarter.
Profit after tax for Q3 2025: 108.5 MSEK (Q3 2024: 22.5 MSEK); Jan–Sep 2025: 231.0 MSEK (Jan–Sep 2024: -20.0 MSEK).
Change in value of financial assets Q3: 112.6 MSEK (Q3 2024: 22.9 MSEK); Jan–Sep: 248.7 MSEK (Jan–Sep 2024: -19.8 MSEK).
Investments Jan–Sep: 575.2 MSEK (Jan–Sep 2024: 76.6 MSEK); Q3: 543.7 MSEK.
Operating expenses Jan–Sep: 8.96 MSEK (Jan–Sep 2024: 4.02 MSEK), 1.12% of average NAV annualized.
Cash and cash equivalents at period end: 198.1 MSEK.
Outlook and guidance
Integration of DSAB positions the company for uplisting to Nasdaq's main market.
Significant opportunities expected from increased NAV and Klarna exposure.
Continued focus on AI and defense sectors, leveraging network for early-stage investments.
How does DSAB integration impact uplisting plans?
What is the long-term strategy for Defensor Group?
How is AI portfolio valuation validated?
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Next Flat Capital earnings date
Q4 202511 Feb, 2026
Next Flat Capital earnings date
Q4 202511 Feb, 2026
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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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