Flat Capital (FLAT) Q4 2025 earnings summary

Executive summary

• Completed integration of Double Sunday AB, adding 24.6 million Klarna shares to the portfolio via non-cash issue.

• Major investments in AI and fintech, including Alpaca, Cerebras, and a new AI portfolio through OpenAI connections.

• Net asset value (NAV) per share fell 8.2% in Q4, mainly due to Klarna's share price decline post-integration.

• CEO transition announced, with Rickard El Tarzi to take over in April 2026.

Financial highlights

• Q4 2025 profit after tax: -2,521,481 KSEK (Q4 2024: 127,959 KSEK); full-year 2025: -2,290,441 KSEK (2024: 107,950 KSEK).

• NAV at year-end: 6,926,851 KSEK; NAV per share: 13.91 SEK.

• Operating expenses: 12,531 KSEK for 2025, 0.33% of average NAV.

• Investments in 2025 totaled 8,595,485 KSEK; divestments: 42,663 KSEK.

• Cash and cash equivalents at year-end: 144,075 KSEK.

Outlook and guidance

• No dividend proposed for 2025.

• Focus on building a diversified portfolio and preparing for a potential listing change to Nasdaq Stockholm main list.