Flat Capital (FLAT) Q3 2026 earnings summary

Executive summary

• NAV fell 26.7% QoQ to SEK 4,069 M, or SEK 8.17 per share, primarily due to Klarna’s share-price decline; the rest of NAV rose ~37%, mainly on Defensor’s revaluation.

• Q3 result after tax was -SEK 1,478 M; Jan-Sep result was -SEK 2,862 M, reflecting large unrealized valuation losses in listed holdings.

Financial highlights

• Q3 change in value was -SEK 1,459 M, including -SEK 1,865 M in listed holdings and +SEK 406 M in unlisted holdings; Klarna accounted for -SEK 1,821 M.

• Jan-Sep change in value was -SEK 2,777 M; listed holdings contributed -SEK 3,480 M and unlisted holdings +SEK 703 M.

• Q3 EPS was -SEK 2.97; Jan-Sep EPS was -SEK 5.75 before and after dilution.

• Q3 operating expenses were SEK 3.7 M; Jan-Sep expenses were SEK 21.6 M, including SEK 4.2 M in consulting/legal fees linked to the listing change and SEK 1.6 M in Nasdaq uplisting fees.

• Jan-Sep divestments were SEK 993 M versus investments of SEK 1,365 M; realized gains were SEK 753 M.

Outlook and guidance

• Defensor expects 2026 pro forma net sales above SEK 1 B and an EBITA margin of ~25%; revenue and EBITA are expected to double.

• Q4 priorities include developing the portfolio, supporting active holdings and preparing for the next stage.