Flat Capital AB (publ) ("Flat") publishes its interim report for January-June 2026 where the Net Asset Value per share amounts to 11.14 SEK per share, an increase of +52% compared to the previous quarter. The change in value for the quarter amounted to 1,941,672 kSEK, mainly driven by the positive share price development in the listed holding Klarna, where the underlying Klarna shares are valued at 20.24 USD per share based on the closing price on 2026-06-30, corresponding to a change in value of 1,789,072 kSEK. During the quarter, Flat Capital was listed on Nasdaq Stockholm, with the first trading day on June 25, 2026, and Rickard El Tarzi took office as CEO. During the quarter, Flat Capital carried out several divestments, including the remaining ownership stake in Perplexity as well as the holdings in Physical Intelligence and Harvey, with total gross sales proceeds of 213,857 kSEK. During the quarter, Flat Capital amortized 457,871 kSEK on the interest-bearing loan, and the outstanding interest-bearing liability as of June 30, 2026 amounted to 485,353 kSEK.
Financial position
- The Net Asset Value (NAV) amounted to 5,545,403 kSEK, corresponding to 11.14 SEK per share.
- Cash and cash equivalents amounted to 334,059 kSEK, resulting in a net debt of 151,294 kSEK as of June 30, 2026.
The period April - June 2026
- The change in value amounted to 1,941,672 kSEK (137,376) during the quarter. The change in value in listed holdings amounted to 1,940,122 kSEK, and consists mainly of the share price development in Klarna of 1,789,072 kSEK, where the underlying Klarna shares are valued at 20.24 USD per share, based on the closing price on 2026-06-30. The change in value in unlisted holdings amounted to 1,550 kSEK.
- Investments amounted to 7,505 kSEK (9,639).
- Divestments amounted to 213,857 kSEK (1,134).
- Operating expenses amounted to 9,505 kSEK (2,843) corresponding to 0.83% (1.13%) of average NAV, annualized. The increased costs for the quarter are attributable to consulting and legal fees linked to Flat Capital's list change and amounted to approx. 1,782 kSEK in the quarter. Personnel costs during the quarter amounted to 4,688 kSEK, of which the recognized cost for employee stock options amounted to 3,245 kSEK (0).
- Operating profit amounted to 1,932,167 kSEK (134,650). The operating profit includes unrealized changes in value of 1,759,876 kSEK (143,782) as well as realized changes in value of 181,796 kSEK (-6,406).
- During the quarter, a preliminary tax provision of 45,901 kSEK (0) was recognized, attributable to completed divestments, as well as a deferred tax asset of 9,548 kSEK (0) relating to previous tax loss carryforwards.
- Profit after tax amounted to 1,883,697 kSEK (131,898).
- Profit per share amounted to 3.78 SEK (2,19).
The period January - June 2026
- The change in value amounted to -1,317,917 kSEK (136,077) during the period. The change in value in listed holdings amounted to -1,614,992 kSEK, and consists mainly of the share price development in Klarna of -1,773,537 kSEK, where the underlying Klarna shares are valued at 20.24 USD per share, based on the closing price on 2026-06-30. The change in value in unlisted holdings amounted to 297,076 kSEK.
- Investments amounted to 1,211,329 kSEK (31,475).
- Divestments amounted to 938,411 kSEK (42,663).
- Operating expenses amounted to 17,945 kSEK (5,220) corresponding to 0.58% (1.03%) of average NAV, annualized. The higher costs for the period are attributable to consulting and legal fees linked to Flat's list change and amounted to approx. 4,157 kSEK in the period, as well as an uplisting fee to Nasdaq of 1,563 kSEK. Personnel costs during the period amounted to 6,115 kSEK, of which the recognized cost for employee stock options amounted to 3,480 kSEK (0).
- Operating profit amounted to -1,335,829 kSEK (130,974). The operating profit includes unrealized changes in value of -2,026,301 kSEK (101,555) as well as realized changes in value of 708,384 kSEK (34,523).
- Profit after tax amounted to -1,383,854 kSEK (122,498).
- Profit per share amounted to -2.78 SEK (2,03).
Share issue and financing
- During the quarter, 457,871 kSEK was amortized on the interest-bearing loan. The outstanding interest-bearing liability as of June 30, 2026 amounted to 485,353 kSEK.
Significant events during the quarter
- During the quarter, Rickard El Tarzi took office as CEO.
- During the quarter, Flat Capital was listed on Nasdaq Stockholm. The first trading day was June 25, 2026.
Significant events after the end of the quarter
- No significant events have occurred after the end of the quarter.
Investments and divestments during the quarter
During the quarter, a new investment of approx. 7,4 MSEK was made, as well as several divestments totaling approx. 213.9 MSEK;
- Flat invested approx. 7,404 kSEK in Pluto Care AB during the quarter and thereby became, together with the founders Savera Faridoon and Caroline Hjelm, the company's largest owner. PlutoVets offers a modern veterinary service with a focus on accessibility, transparency, and a smooth customer experience.
- Flat carried out several divestments during the quarter, including the remaining ownership stake in Perplexity, the holdings in Physical Intelligence and Harvey, as well as the smaller holdings in Prion and Quartr. The total gross sales proceeds amounted to 213,857 kSEK.
Other events
- During the quarter, Defensor Group AB signed an agreement to acquire a majority stake in Crepitans AB, a Swedish technology company with specialist expertise in critical defense technologies.
- During the quarter, Flat Capital held an investor presentation where the company's development, portfolio, and updated strategy were presented.
- After the end of the quarter, the Board resolved on the allotment of 240,457 new B-shares as a result of the exercise of all options within the 2023/2026 warrant program.
Link to the report on the website:
https://www.flatcapital.com/shareholders
For further information, please contact:
Rickard El Tarzi, CEO, ret@flatcapital.com, +46 (0) 736 22 38 71
About Flat Capital:
Flat Capital is a listed investment company with an unusually uncomplicated business idea: to invest in what creates the greatest value over time, as cost-effectively as possible. Flat has a broad investment mandate across sectors, geographies and asset classes. What the portfolio companies have in common is that they challenge established structures. Flat consists of a small team, combined with Sebastian Siemiatkowski's experience and global network. This means that Flat has access to unique opportunities and can act quickly and resource-efficiently. The result is the exceptionally successful investments Flat has made since its founding. Flat Capital is listed on Nasdaq Stockholm and has more than 25,000 shareholders. More information is available at: www.flatcapital.com.
This information is information that Flat Capital AB (publ) is obliged to make public pursuant to the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-07-15 08:30 CEST.