First Venture Sweden (FIRST) Q3 2025 earnings summary

Executive summary

• Substantial decrease in net asset value (NAV) by -6.0% in Q3 2025, mainly due to a significant write-down in Verduro Group of approximately 16 MSEK.

• New interim CEO, Andreas Lindenhierta, appointed at the end of September 2025.

• Portfolio focus remains on technology, health, and sustainability sectors, with ongoing cost reduction initiatives.

Financial highlights

• NAV at September 30, 2025: 201,721 TSEK (5.38 SEK per share), down from 214,654 TSEK (5.72 SEK per share) at June 30, 2025.

• Q3 2025 operating result: -1,822 TSEK; net result: -2,479 TSEK.

• Q1-Q3 2025 net result: -7,640 TSEK, compared to -7,145 TSEK for Q1-Q3 2024.

• Cash and other investment instruments at quarter-end: 15,729 TSEK.

• Cost reduction of approximately 1.8 MSEK annually expected from management changes.

Outlook and guidance

• Zigrid’s first energy modules expected to be ready for customer delivery by end of 2026.

• OneTwo Analytics aims for positive cash flow from mid-2026, with new customer contracts signed in 2025.

• Mendi Innovation’s revenues grew about 40% year-over-year, with key sales periods ahead and US market expansion underway.

• Tribonex completed a new share issue post-period, bringing in new investors and maintaining share value.