Upgrade Invest Nordic (UPGRAD) Q3 2025 earnings summary

Executive summary

• Several promising dialogues with companies seeking stock exchange listings; focus remains on quality over quantity.

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

• The company is leading a new listing project, with the timeline shifted to the first half of 2026.

Financial highlights

• Total revenue was 0 TSEK for both Q3 and the nine-month period, unchanged year-over-year.

• Operating loss for Q3 was -158 TSEK (improved from -225 TSEK YoY); nine-month operating loss was -647 TSEK (improved from -1,006 TSEK YoY).

• Net loss for Q3 was -158 TSEK (vs. -225 TSEK YoY); nine-month net loss was -609 TSEK (vs. -1,295 TSEK YoY).

• EPS for Q3 was -0.08 SEK (vs. -0.11 SEK YoY); nine-month EPS was -0.30 SEK (vs. -0.63 SEK YoY).

• Net financial income for the nine-month period was 38 TSEK (vs. -289 TSEK YoY), mainly from interest income.

Outlook and guidance

• Management expects favorable conditions for transactions in the near term and anticipates an eventful year-end.

• The planned listing project is ongoing, with completion expected in the first half of 2026.