Flerie (FLERIE) investor relations material

Executive summary

• Net asset value (NAV) per share decreased by 2.9% to SEK 39.14 compared to the previous quarter, with total NAV at SEK 3,394 million as of June 30, 2026.

• Net loss for the quarter was SEK -92 million, with earnings per share at SEK -1.02, reflecting a significant decline from the prior year.

• Portfolio fair value declined by SEK 88 million (-3.0%) in the quarter, mainly due to negative share price developments in listed holdings.

• A bonus issue and share redemption program were completed, increasing minority shareholders' stake.

• First new investment since IPO announced: merger plan with Biosergen.

Financial highlights

• NAV per share: SEK 39.14 (down from SEK 52.78 YoY); NAV: SEK 3,394 million (down from SEK 4,121 million YoY).

• Net loss for the quarter: SEK -92 million (vs. SEK 174 million profit YoY); net loss for the half-year: SEK -154 million (vs. SEK -77 million YoY).

• Earnings per share: SEK -1.02 for the quarter, SEK -1.85 for the half-year.

• Cash and cash equivalents: SEK 306 million at quarter-end.

• Expense ratio (LTM): 1.2%.

Outlook and guidance

• Focus remains on disciplined capital allocation and value creation in a challenging life science environment.

• Several portfolio companies are approaching milestones that could unlock value.

• The planned U.S. launch of Dasynoc by Xspray Pharma and partnership opportunities for Prokarium are highlighted as near-term value drivers.

• The merger with Biosergen is expected to provide strategic control and potential for value growth.