Northern CapSek Ventures (CAPS) Q1 2026 earnings summary

Executive summary

• Net result for Q1 2026 was approximately -0.2 MSEK, improved from -0.6 MSEK in Q1 2025, aided by cost reductions and positive revaluations in three portfolio companies.

• Portfolio consists of 11 tech companies with a net asset value of about 43 MSEK, or 46.7 SEK per share, and a share price reflecting an 86.1% discount to NAV.

• No new investments or exits were made during the quarter; two portfolio companies are in discussions with industrial buyers.

Financial highlights

• Net sales reached 39 TSEK (30 TSEK in Q1 2025).

• EBITDA was -1,021 TSEK, EBIT -1,092 TSEK, and net result -221 TSEK, all improved year-over-year.

• Earnings per share were -0.2 SEK (-1.4 SEK in Q1 2025).

• Portfolio revaluations contributed 0.9 MSEK to results (0.4 MSEK from listed, 0.5 MSEK from unlisted holdings).

• Cash and cash equivalents at period end were 1,023 TSEK, with no usage of the 1.5 MSEK credit facility.

Outlook and guidance

• Strategic focus remains on executing a structural transaction in 2026, with two parallel tracks: a potential merger with another investment company and a structural deal involving acquisition of shares in a tech company.

• Cost base is expected to decrease further from July, targeting a sustainable and efficient investment company structure.

• Future focus will be on cash flow-positive companies or those with a clear path to profitability, with increased active ownership.