Upgrade Invest Nordic (UPGRAD) Q4 2025 earnings summary

Executive summary

• Net sales for 2025 were 0 TSEK, down from 200 TSEK in 2024, reflecting a lack of new revenue-generating activities.

• Operating loss improved to -836 TSEK for the year, compared to -1,131 TSEK in 2024.

• Net result for 2025 was -794 TSEK, an improvement from -931 TSEK the previous year.

• No dividend is proposed for the 2025 financial year.

• Climacheck, the largest holding, was sold to an industrial buyer, with most proceeds expected in 2026.

Financial highlights

• Total income for Q4 2025 was 0 TSEK, compared to 200 TSEK in Q4 2024.

• Operating result for Q4 2025 was -188 TSEK, versus -160 TSEK in Q4 2024.

• Earnings per share for 2025 were -0.39 SEK, up from -0.60 SEK in 2024.

• Net asset value at year-end was 5.3 MSEK, or 2.6 SEK per share.

• Cash position at year-end was 1.2 MSEK, with no long-term debt.

Outlook and guidance

• Focus remains on supporting growth companies aiming for IPOs within two years.

• Challenging capital-raising environment for unlisted companies continues to impact business opportunities.

• Proceeds from the Climacheck exit will strengthen financial position and support new investments in 2026.