Upgrade Invest Nordic (UPGRAD) Q2 2026 earnings summary

Executive summary

• Total revenue for January–June 2026 was 0 TSEK, unchanged from the previous year.

• Operating result improved to -400 TSEK from -489 TSEK year-over-year.

• Net result for the period was -393 TSEK, compared to -451 TSEK in the same period last year.

• Result per share was -0.19 SEK, up from -0.22 SEK year-over-year.

• No significant events occurred during or after the reporting period.

Financial highlights

• Substansvärdet (net asset value) as of June 30, 2026, was 5.0 MSEK, or 2.45 SEK per share.

• Cash position at period end was approximately 0.9 MSEK.

• No long-term loans; equity at period end was 4,862 TSEK.

• Short-term liabilities totaled 45 TSEK, mainly accrued expenses.

• Financial assets in unlisted companies valued at 4 MSEK.

Outlook and guidance

• Market conditions for small-cap IPOs remain challenging, with increased volatility and delayed processes.

• Management expects conditions for small company listings to gradually stabilize.

• Planned IPO of a new portfolio company is now scheduled for late 2026.

• Proceeds from the sale of the largest holding, Climacheck, are expected after year-end 2026/2027.