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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Flat Capital
Flat Capital (FLAT) investor relations material
Flat Capital Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary3 Nov, 2026
Executive summary
NAV fell 26.7% QoQ to SEK 4,069 M, or SEK 8.17 per share, primarily due to Klarna’s share-price decline; the rest of NAV rose ~37%, mainly on Defensor’s revaluation.
Q3 result after tax was -SEK 1,478 M; Jan-Sep result was -SEK 2,862 M, reflecting large unrealized valuation losses in listed holdings.
Financial highlights
Q3 change in value was -SEK 1,459 M, including -SEK 1,865 M in listed holdings and +SEK 406 M in unlisted holdings; Klarna accounted for -SEK 1,821 M.
Jan-Sep change in value was -SEK 2,777 M; listed holdings contributed -SEK 3,480 M and unlisted holdings +SEK 703 M.
Q3 EPS was -SEK 2.97; Jan-Sep EPS was -SEK 5.75 before and after dilution.
Q3 operating expenses were SEK 3.7 M; Jan-Sep expenses were SEK 21.6 M, including SEK 4.2 M in consulting/legal fees linked to the listing change and SEK 1.6 M in Nasdaq uplisting fees.
Jan-Sep divestments were SEK 993 M versus investments of SEK 1,365 M; realized gains were SEK 753 M.
Outlook and guidance
Defensor expects 2026 pro forma net sales above SEK 1 B and an EBITA margin of ~25%; revenue and EBITA are expected to double.
Q4 priorities include developing the portfolio, supporting active holdings and preparing for the next stage.
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Latest events from Flat Capital
- NAV per share jumped 52% in Q2 2026, fueled by Klarna gains and major divestments.FLAT
Q2 2026 - NAV dropped 7.9% in Q2, driven by a Getir write-down, with new AI investments boosting outlook.FLATQ2 2024
- NAV fell sharply on Klarna losses, but divestments and refinancing boost future investment capacity.FLATQ1 2026
- NAV per share dropped 8.2% in Q4, mainly due to Klarna's decline post-DSAB integration.FLATQ4 2025
- NAV up 8% to 1,480 MSEK, with major investments in AI and defense, and Klarna exposure boosted.FLATQ3 2025
- NAV per share surged 30% Q/Q, fueled by AI/tech gains and a major capital raise.FLATQ2 2025
- NAV up 6.1% Q/Q to 393 MSEK, with strong AI portfolio gains and new investments.FLATQ3 2024
- NAV down 1.4% on FX, but Truecaller exit and new AI investments drive portfolio activity.FLATQ1 2025
- NAV per share up 30% in 2024, fueled by AI gains and a 140 MSEK rights issue.FLATQ4 2024
Next Flat Capital earnings date
Q4 202611 Feb, 2027
Flat Capital
Next Flat Capital earnings date
Q4 202611 Feb, 2027
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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.