First Venture Sweden (FIRST) Q2 2025 earnings summary

Executive summary

• Net asset value (NAV) decreased by 4.47% in Q2 2025, underperforming the First North All Share Index, which rose 5.91%.

• NAV per share was SEK 5.72 at June 30, 2025, with a total NAV of SEK 214.7 million.

• The share price increased by 14.7% during the quarter, reducing the NAV discount.

• Focus remains on investments in technology, health, and sustainability sectors.

Financial highlights

• Operating result for Q2 2025 was -1.97 MSEK, with a net loss of -3.47 MSEK.

• H1 2025 net loss totaled -5.16 MSEK, compared to -4.97 MSEK in H1 2024.

• NAV per share declined from SEK 6.09 in Q2 2024 to SEK 5.72 in Q2 2025.

• Solid equity ratio of 98.8% at the end of the period.

Outlook and guidance

• Management anticipates continued market uncertainty due to geopolitical factors but expects improved conditions for portfolio companies.

• Ongoing focus on cost reduction and operational efficiency.