Vetted Assets (VETT) Q1 2026 earnings summary

Executive summary

• Q1 2026 is the last quarter reported as Refine Group before transitioning to Vetted Assets, with new management and strategy not yet reflected in operational results.

• The quarter serves as a baseline, with significant portfolio restructuring, including the divestment of Ecomm Holding AB and Browgame Sweden AB, and the acquisition of Andy okay AB post-period.

• Early indications in April 2026 show strong growth in acquired and existing holdings under the new Vetted Assets model.

Financial highlights

• Net revenue for Q1 2026 was SEK 24.9m, down from SEK 33.7m year-over-year, mainly due to fewer active subsidiaries.

• Adjusted EBITDA improved to SEK -1.9m from SEK -3.2m, while reported EBITDA was SEK -4.7m versus SEK -4.0m.

• EBITA was SEK -4.8m (Q1 2025: SEK -4.2m); net result after tax was SEK -11.7m (Q1 2025: SEK 1.7m).

• Earnings per share were SEK -0.08 (Q1 2025: SEK 0.02).

• Cash flow for the quarter was SEK 2.0m (Q1 2025: SEK -5.3m); cash at period end was SEK 8.9m.

Outlook and guidance

• New financial targets for 2030: revenue of SEK 1.2–1.4bn, adjusted EBITDA margin of 7–10%, and net debt/EBITDA below 2.5x.

• April 2026 saw preliminary group revenue of SEK 25.4m, up 137% year-over-year, including Andy okay AB.

• Organic revenue growth in operational companies was approximately 49% in April 2026 compared to April 2025.