Flerie (FLERIE) Q4 2025 earnings summary

Executive summary

• Q4 marked a strategic shift toward direct investments, highlighted by the divestment of the Limited Partnership (LP) segment at fair value and a merger with Lipum, sharpening focus on core portfolio companies.

• Net asset value (NAV) at year-end was SEK 3.4 billion, with NAV per share at SEK 43.60, down 14% from Q3 and 18.9% year-over-year.

• Portfolio remains diversified across 25 companies, with significant clinical and commercial progress despite valuation setbacks in key holdings.

• Net loss for the year was SEK -757 million, with earnings per share at SEK -9.71.

Financial highlights

• Portfolio fair value at Q4 end was SEK 2.6 billion, down from SEK 3.1 billion in Q3 and SEK 3.07 billion year-over-year, mainly due to negative revaluations and divestments.

• NAV per share decreased 13.8% in Q4 and 18.9% year-over-year.

• Net loss for Q4 was SEK -541 million; full-year net loss was SEK -757 million.

• Cash and cash equivalents at year-end were SEK 540 million.

• Expense ratio increased to 1.5% from 1.2% last year.

Outlook and guidance

• Management remains optimistic about long-term value creation, citing strong clinical progress and a well-capitalized position to support portfolio companies.

• No dividend proposed for 2025; cash flow to be reinvested in the portfolio.

• Market recovery is anticipated, with Europe expected to follow the positive trend seen in the U.S. biotech sector.

• Focus remains on strategic partnerships and potential exits as companies mature, particularly as more reach phase II efficacy milestones.