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Edge10 Jul 2026
Inside Take-Two: The Grand Anticipation
The story of how Take-Two Interactive built the empire behind Grand Theft Auto, Red Dead Redemption, and one of gaming's largest mobile portfolios.
Flat Capital
Flat Capital (FLAT) investor relations material
Flat Capital Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary15 Jul, 2026
Executive summary
Net Asset Value (NAV) per share increased by 52% quarter-over-quarter, mainly due to Klarna's strong share price performance.
Completed uplisting to Nasdaq Stockholm's Main Market in June 2026.
CEO transition: Rickard El Tarzi appointed as CEO in January 2026.
Major divestments included full exits from Perplexity, Harvey, and Physical Intelligence, generating significant realized profits.
New investments included SEK 7.4 million in Pluto Vets, becoming a leading shareholder.
Financial highlights
Q2 2026 profit after tax: SEK 1,883.7 million, up from SEK 131.9 million in Q2 2025.
H1 2026 result after tax: SEK -1,383.9 million, compared to SEK 122.5 million in H1 2025, due to negative value changes in listed holdings earlier in the year.
NAV as of June 30, 2026: SEK 5,545.4 million (SEK 11.14 per share).
Operating expenses for H1 2026: SEK 17.9 million, 0.58% of average NAV (annualized).
Cash and cash equivalents at period end: SEK 334.1 million.
Outlook and guidance
Management expects continued strong growth for Defensor and is increasing focus on new investments with active ownership.
No significant events reported after the end of the quarter.
Rationale for Defensor's flat valuation
SpaceX carrying value and MOIC details
Strategy for active positions in H2 2026
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Latest events from Flat Capital
- NAV dropped 7.9% in Q2, driven by a Getir write-down, with new AI investments boosting outlook.FLAT
Q2 202416 Jun 2026 - NAV fell sharply on Klarna losses, but divestments and refinancing boost future investment capacity.FLATQ1 202624 Apr 2026
- NAV per share dropped 8.2% in Q4, mainly due to Klarna's decline post-DSAB integration.FLATQ4 20255 Feb 2026
- NAV up 8% to 1,480 MSEK, with major investments in AI and defense, and Klarna exposure boosted.FLATQ3 202520 Nov 2025
- NAV per share surged 30% Q/Q, fueled by AI/tech gains and a major capital raise.FLATQ2 202518 Aug 2025
- NAV up 6.1% Q/Q to 393 MSEK, with strong AI portfolio gains and new investments.FLATQ3 202413 Jun 2025
- NAV down 1.4% on FX, but Truecaller exit and new AI investments drive portfolio activity.FLATQ1 20256 Jun 2025
- NAV per share up 30% in 2024, fueled by AI gains and a 140 MSEK rights issue.FLATQ4 20245 Jun 2025
Next Flat Capital earnings date
Q3 20262 Nov, 2026
Flat Capital
Next Flat Capital earnings date
Q3 20262 Nov, 2026
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