Investment Spiltan (SPLTN) investor relations material

Executive summary

• Substantial decline in net asset value per share to 251.02 SEK as of March 31, 2026, from 275.12 SEK a year earlier, reflecting a -10.41% return for the quarter, significantly underperforming the SIX RX index at -1.20%.

• Net loss for the period was -910 MSEK (-30.37 SEK per share), mainly due to portfolio value declines, especially in Paradox Interactive.

• Share buybacks totaling 34 MSEK were executed, and liquidity improved to 50 MSEK from 14 MSEK at year-end, supported by the sale of Carbomax.

Financial highlights

• Net asset value (NAV) decreased by 947 MSEK during the quarter, with the largest negative impact from Paradox Interactive, which lost 564 MSEK in value.

• Return on NAV for the quarter was -10.5%, compared to -1.2% for the SIX RX index.

• Earnings per share were -31.17 SEK, compared to -12.46 SEK in the same quarter last year.

• Solid equity ratio of 99% as of March 31, 2026.

Outlook and guidance

• Management maintains a long-term investment focus, emphasizing resilience and the potential for recovery in core holdings despite market volatility.

• Capital remains available for new investments, with no attempt to time the market.