Katalysen Ventures (KAV) investor relations material

Executive summary

• Core investments increased in value by 5.1% and now represent 75% of total portfolio value, despite a 1.4% decline in total portfolio value due to revaluations in smaller holdings.

• The business model, focused on fewer, larger, and more value-critical investments, has generated SEK 70 million in new portfolio value, now 55% of total portfolio value.

• Four additional transactions under the current model were completed in 2025 and early 2026, expected to become future core investments.

• The organization expanded with experienced experts, aligning incentives to generate value at minimal cost.

• Operating expenses rose due to extraordinary, non-recurring costs related to a shareholder distribution initiative and team expansion.

Financial highlights

• Group net sales for Q4 2025 were SEK 573k, up from SEK 0 in Q4 2024; full-year net sales reached SEK 1.65 million.

• Group operating profit for Q4 2025 was -SEK 4.8 million (Q4 2024: -SEK 2.9 million), with a net result of -SEK 11.3 million (Q4 2024: -SEK 9.3 million), mainly due to non-recurring costs and portfolio revaluations.

• Group equity at year-end was SEK 52.0 million (Q4 2024: SEK 60.1 million); solidity improved to 94.9%.

• Cash and cash equivalents at year-end were SEK 0.3 million (Q4 2024: SEK 1.1 million); operating cash flow for Q4 was -SEK 5.5 million.

• SEK 3.0 million was raised via private placement in Q4, with an additional SEK 2.5 million raised after the period.

Outlook and guidance

• Focus remains on advancing partial or full exits within the portfolio, with two structured processes ongoing and at least one major divestment expected in 2026.

• The company enters its next phase with strong momentum, a proven business model, improved financials, and a broader shareholder base.