First Venture Sweden (FIRST) Q4 2025 earnings summary

Executive summary

• Substantial activity in Q4 included a rights issue raising over SEK 20m, with 80% subscription, and significant investments in deep-tech companies Cloudbackend and Xios3, both targeting product launches in 2026.

• A comprehensive review of portfolio valuations led to net write-downs of unlisted assets by over SEK 50m, mainly due to Cling Systems and Verduro being written down to zero.

• Sprint Bioscience, a listed holding, completed a major asset sale to Gilead Sciences, securing an upfront payment of USD 14m and potential milestone payments up to USD 400m.

Financial highlights

• Net asset value (NAV) at year-end was SEK 186.5m, or SEK 3.53 per share, down 34.4% in Q4; market value fell 33.8% in the same period.

• Q4 result: -SEK 27.2m (vs. -SEK 6.0m Q4 2024), with write-downs of securities totaling -SEK 25.3m.

• Operating result for Q4: -SEK 1.8m (vs. -SEK 2.0m Q4 2024).

• Cash and cash equivalents at year-end: SEK 7.9m (vs. SEK 0.2m prior year).

• Equity at year-end: SEK 149.6m (vs. SEK 165.8m prior year).

Outlook and guidance

• Cloudbackend and Xios3 aim to launch products in 2026, with ongoing investments in other portfolio companies to support growth.

• No dividend proposed for the year.