Flerie (FLERIE) Q2 2025 earnings summary

Executive summary

• Celebrated one-year anniversary of IPO and main market listing after a reverse merger in June 2024, outperforming key biotech and investment indices.

• Net asset value (NAV) at quarter-end was SEK 4.121 billion, with NAV per share at SEK 52.78, up 4.4% from the previous quarter and 15.9% above the market price.

• Maintained position as a top-tier European investment company with SEK 4.1 billion in assets and SEK 737 million in cash.

• Portfolio is mature, with 93% of fair value in clinical and commercial stages, and active in high-interest areas for global pharma.

• Net profit for the quarter reached SEK 174 million, with earnings per share of SEK 2.22 before and after dilution.

Financial highlights

• NAV per share increased to SEK 52.78 from SEK 50.56 sequentially, a 4.4% rise; total NAV was SEK 4.121 billion.

• Net profit for the quarter was SEK 174 million, up from SEK 103 million year-over-year.

• Portfolio value rose from SEK 2.9 billion in Q1 to nearly SEK 3.1 billion in Q2, a SEK 220 million increase.

• Cash and cash equivalents stood at SEK 737 million at quarter-end.

• Investments during the quarter totaled SEK 65 million, mainly in follow-on rounds.

Outlook and guidance

• Deployment rate over the last 12 months was around 8% of NAV, slightly below the 10% target, with ongoing management of investment pace.

• Management remains optimistic about long-term biotech sector prospects, citing demographic trends and recent high-value M&A activity.

• New investments expected, especially in collaboration with KKR, focusing on private equity pharma services.

• Key new deployments into new companies anticipated upon exits from current holdings.

• Continued focus on portfolio R&D progress and strategic financial execution to navigate market volatility.