Flat Capital (FLAT) Q2 2026 earnings summary

Executive summary

• Net Asset Value (NAV) per share increased by 52% quarter-over-quarter, mainly due to Klarna's strong share price performance.

• Completed uplisting to Nasdaq Stockholm's Main Market in June 2026.

• CEO transition: Rickard El Tarzi appointed as CEO in January 2026.

• Major divestments included full exits from Perplexity, Harvey, and Physical Intelligence, generating significant realized profits.

• New investments included SEK 7.4 million in Pluto Vets, becoming a leading shareholder.

Financial highlights

• Q2 2026 profit after tax: SEK 1,883.7 million, up from SEK 131.9 million in Q2 2025.

• H1 2026 result after tax: SEK -1,383.9 million, compared to SEK 122.5 million in H1 2025, due to negative value changes in listed holdings earlier in the year.

• NAV as of June 30, 2026: SEK 5,545.4 million (SEK 11.14 per share).

• Operating expenses for H1 2026: SEK 17.9 million, 0.58% of average NAV (annualized).

• Cash and cash equivalents at period end: SEK 334.1 million.

Outlook and guidance

• Management expects continued strong growth for Defensor and is increasing focus on new investments with active ownership.

• No significant events reported after the end of the quarter.