Upgrade Invest Nordic (UPGRAD) Q2 2025 earnings summary

Executive summary

• Total revenue for January–June 2025 was 0 TSEK, unchanged from the previous year.

• Operating result improved to -489 TSEK from -1,166 TSEK year-over-year.

• Net result for the period was -457 TSEK, compared to -1,070 TSEK in the same period last year.

• No significant events occurred during or after the reporting period.

• Focus remains on supporting quality companies aiming for stock exchange listings.

Financial highlights

• Earnings per share for the period were -0.22 SEK, up from -0.52 SEK year-over-year.

• Net asset value at June 30, 2025, was 5.82 MSEK, or 2.85 SEK per share.

• Cash position at period end was approximately 1.7 MSEK.

• No long-term loans outstanding as of June 30, 2025.

• Financial income for the period was 38 TSEK, mainly from interest.

Outlook and guidance

• Management expects to complete at least one company listing in autumn 2025.

• Ongoing efforts to secure quality investment opportunities and support portfolio companies post-listing.