First Venture Sweden (FIRST) Q2 2026 earnings summary

Executive summary

• Net asset value (NAV) increased by 5.7% to SEK 197 million as of June 30, 2026, outperforming the First North All Share Index's 4.2% rise for the quarter.

• The discount between market value and NAV remained high at 64.3% at period end.

• Strong performance in the listed holding Sprint Bioscience, while the unlisted portfolio saw a decline, mainly due to a write-down in Mendi Innovations.

• All remaining shares in Humble Group were divested for approximately SEK 7.2 million.

• After the period, Dlaboratory acquired Techinova AB, with a planned directed share issue in which SEK 2 million will be subscribed.

Financial highlights

• Operating result for the quarter was SEK -1.1 million, an improvement from SEK -2.0 million in the previous year.

• Period result was SEK -4.5 million, compared to SEK -3.5 million year-over-year.

• NAV per share rose to SEK 3.73 from SEK 3.53 sequentially.

• Cash and cash equivalents at quarter end were SEK 7.5 million, up from SEK 0.5 million year-over-year.

• Equity at period end was SEK 143.6 million, with a solidity of 99.4%.

Outlook and guidance

• The acquisition of Techinova by Dlaboratory is expected to create a group with a combined revenue target of at least SEK 100 million and EBITDA of at least SEK 15 million for FY 2027.

• Cost-saving measures are underway at Mendi Innovations to achieve positive monthly results and cash flow by year-end.