Flat Capital (FLAT) Q3 2025 earnings summary

Executive summary

• Achieved a 260% subscription rate in an oversubscribed rights issue, raising 600 MSEK.

• Completed first active majority investment: 458 MSEK for 63% of Defensor, a Nordic defense group.

• Integrated Double Sunday AB (DSAB), adding significant Klarna exposure and increasing NAV pro forma to 8.9 BSEK.

• Transitioned to IFRS reporting, with no restatements required.

Financial highlights

• Net Asset Value (NAV) as of Sep 30, 2025: 1,480 MSEK, up 8% quarter-over-quarter.

• Profit after tax for Q3 2025: 108.5 MSEK (Q3 2024: 22.5 MSEK); Jan–Sep 2025: 231.0 MSEK (Jan–Sep 2024: -20.0 MSEK).

• Change in value of financial assets Q3: 112.6 MSEK (Q3 2024: 22.9 MSEK); Jan–Sep: 248.7 MSEK (Jan–Sep 2024: -19.8 MSEK).

• Investments Jan–Sep: 575.2 MSEK (Jan–Sep 2024: 76.6 MSEK); Q3: 543.7 MSEK.

• Operating expenses Jan–Sep: 8.96 MSEK (Jan–Sep 2024: 4.02 MSEK), 1.12% of average NAV annualized.

• Cash and cash equivalents at period end: 198.1 MSEK.

Outlook and guidance

• Integration of DSAB positions the company for uplisting to Nasdaq's main market.

• Significant opportunities expected from increased NAV and Klarna exposure.

• Continued focus on AI and defense sectors, leveraging network for early-stage investments.