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Upgrade Invest Nordic (UPGRAD) investor relations material
Upgrade Invest Nordic Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Total revenue for January–June 2026 was 0 TSEK, unchanged from the previous year.
Operating result improved to -400 TSEK from -489 TSEK year-over-year.
Net result for the period was -393 TSEK, compared to -451 TSEK in the same period last year.
Result per share was -0.19 SEK, up from -0.22 SEK year-over-year.
No significant events occurred during or after the reporting period.
Financial highlights
Substansvärdet (net asset value) as of June 30, 2026, was 5.0 MSEK, or 2.45 SEK per share.
Cash position at period end was approximately 0.9 MSEK.
No long-term loans; equity at period end was 4,862 TSEK.
Short-term liabilities totaled 45 TSEK, mainly accrued expenses.
Financial assets in unlisted companies valued at 4 MSEK.
Outlook and guidance
Market conditions for small-cap IPOs remain challenging, with increased volatility and delayed processes.
Management expects conditions for small company listings to gradually stabilize.
Planned IPO of a new portfolio company is now scheduled for late 2026.
Proceeds from the sale of the largest holding, Climacheck, are expected after year-end 2026/2027.
- Operating losses narrowed and major holding Climacheck was sold, with proceeds delayed.UPGRAD
Q1 2026 - Net sales fell to zero, but improved losses and a major exit set up new investment capacity.UPGRAD
Q4 2025 - Losses narrowed, NAV per share at 2.72 SEK, and portfolio focused on unlisted growth firms.UPGRAD
Q3 2025 - Losses narrowed and net asset value held steady, with a company listing expected in autumn 2025.UPGRAD
Q2 2025 - Net loss deepened to -1,295 TSEK with no revenue, but NAV remains stable at 6.67 MSEK.UPGRAD
Q3 2024 - Net asset value fell to 6.9 MSEK as losses and write-downs offset structural deal gains.UPGRAD
Q2 2024 - Improved Q1 results and strategic spin-off highlight resilience amid market uncertainty.UPGRAD
Q1 2025 - Revenues rose and operating losses narrowed as Upgrade Invest Nordic AB completed two listings.UPGRAD
Q4 2024
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