Cardeon (CARDEO) Q1 2026 earnings summary

Executive summary

• Q1 2026 marked by a challenging financing climate in life science, but operational progress in several portfolio companies.

• Focus on liquidity management, cost control, and active capital allocation to ensure stability.

• Divestments in the unlisted portfolio were made to meet financial commitments and maintain flexibility.

• Several holdings are approaching key value-driving milestones.

Financial highlights

• Net revenue for Q1 2026 was 449 KSEK, down from 1,591 KSEK year-over-year.

• Operating result was -3,337 KSEK, compared to -1,533 KSEK in Q1 2025.

• Cash flow for the period was 591 KSEK, up from -99 KSEK year-over-year.

• Cash and cash equivalents at period end were 610 KSEK, up from 109 KSEK last year.

• Result after financial items was -3,337 KSEK, compared to -1,533 KSEK in Q1 2025.

Outlook and guidance

• Continued focus on cost control, prioritization, and active capital allocation.

• Management expects sufficient liquidity for the next 12 months, with ongoing evaluation of divestments and financing solutions.

• Several portfolio companies are nearing important milestones that could drive future value.