Flat Capital (FLAT) Q2 2025 earnings summary

Executive summary

• Net asset value (NAV) per share increased 30% quarter-over-quarter to 14.04 SEK as of June 30, 2025, driven by positive revaluations in key AI and tech holdings.

• Raised 599 MSEK in a heavily oversubscribed rights issue, significantly strengthening liquidity and enabling larger, more active investments.

• Profit for Q2 2025 was 131,898 KSEK, compared to a loss of 31,907 KSEK in Q2 2024; H1 2025 profit was 122,498 KSEK versus a loss of 42,491 KSEK in H1 2024.

• CEO Hanna Andreen announced her resignation, remaining in the role during a six-month notice period.

Financial highlights

• NAV as of June 30, 2025: 1,371,644 KSEK, up from 648,539 KSEK at March 31, 2025.

• Operating profit for Q2 2025 was 134,533 KSEK, compared to -33,911 KSEK in Q2 2024.

• Change in value of financial assets in Q2 2025 was +137,376 KSEK, including a -29,823 KSEK FX effect.

• Operating expenses for Q2 2025 were 2,843 KSEK, representing 1.13% of average NAV, annualized.

• Cash and cash equivalents at period end: 152,233 KSEK.

Outlook and guidance

• Positive trends continue in portfolio holdings, especially in AI and tech sectors.

• Strong capital position enables pursuit of larger and more active investments.

• Market sentiment has improved, with capital markets turning upward and increased investor risk appetite.