Flerie (FLERIE) Q1 2026 earnings summary

Executive summary

• Net asset value (NAV) reached SEK 3,670 million as of March 31, 2026, with 83% invested in private companies and a diversified portfolio of 25 holdings across development stages.

• Q1 2026 focused on successful financing, including a SEK 76 million directed share issue and the completion of the Lipum merger, strengthening liquidity and bringing in new long-term investors.

• Portfolio companies achieved significant R&D and regulatory progress, including positive clinical trial results, new grants, and drug development milestones.

• Net loss for the quarter was SEK -61 million, a significant improvement from SEK -251 million in the same quarter last year.

• Merger with Lipum completed, making it a wholly owned subsidiary, delisting it, and broadening ownership.

Financial highlights

• NAV increased to SEK 3,670 million (up from SEK 3,377 million in Q4 2025), with NAV per share at SEK 41.90, impacted by share issues and merger consideration.

• Portfolio value rose to SEK 2,899 million from SEK 2,620 million in Q4 2025.

• Cash and cash equivalents stood at SEK 585 million, or 6.68 SEK/share, up from SEK 540 million at year-end.

• Investments in Q1 totaled SEK 173 million, with SEK 348 million related to the Lipum merger.

• Change in fair value of portfolio companies was SEK -43 million (-1.7%), mainly due to negative share price developments in listed holdings.

Outlook and guidance

• Capital position enables funding of portfolio companies through key value-creating milestones and potential exits.

• Management expects to continue leveraging syndication to maximize investment impact.

• Market volatility and limited access to capital persist, but strong cash position enables continued investment and exploitation of exit opportunities.

• Removal of the share redemption program is expected to prevent cash drain and support further investments.