Upgrade Invest Nordic (UPGRAD) Q3 2026 earnings summary

Executive summary

• Q3 2026 revenue was SEK 0; operating loss and net loss were SEK 165k, versus SEK 158k in Q3 2025.

• For 9M 2026, net loss was SEK 559k, improved from SEK 609k in 9M 2025; NAV was SEK 4.9m, or SEK 2.4 per share, at 30 September.

Financial highlights

• 9M revenue was SEK 0; operating loss was SEK 565k versus SEK 647k, and net loss was SEK 559k versus SEK 609k YoY.

• 9M finance income and costs netted to SEK 6k, down from SEK 38k; external costs were SEK 565k versus SEK 647k, mainly consulting and listing-related costs.

• Cash was SEK 305k, financial fixed assets SEK 4.159m, equity SEK 4.696m and short-term liabilities SEK 2k at 30 September 2026.

Outlook and guidance

• A previously announced listing project remains active, but its timeline has been delayed further; completion is targeted when market conditions allow.

• Following the sale of Climacheck’s operating subsidiary, the sale proceeds are intended for distribution to Climacheck shareholders in 2027; the majority is expected to accrue in 2027.