Flat Capital AB (publ) (“Flat”) publishes its interim report for January-June 2025 where the Net Asset Value per share amounts to 14.04 SEK per share, an increase of +30% compared to the previous quarter. The strong value development is mainly a result of positive value changes in the holdings; io Products, OpenAI, Perplexity, Harvey, xAI and Quartr, whose accumulated value adjustment amounts to approx. +159 MSEK, following new capital rounds. During the quarter, a new investment of approx. 10 MSEK was made in the AI company Pieces, an AI tool for developers with the goal of giving the user's computer its own memory. On the financing side, Flat carried out a new share issue, with preferential rights for existing B shareholders, with the aim of raising 300 MSEK in new capital. The issue was oversubscribed to 777 MSEK, corresponding to 260%, and the Board resolved to increase the issue amount through a directed issue of 299 MSEK, thus providing Flat with total issue proceeds of 599 MSEK before issue costs, which are estimated to amount to 7.5 MSEK, corresponding to 1.2% of the issue. The effect of the issue has been taken into account in the report, and the adjusted Net Asset Value (including proceeds from the issue) amounts to 1,372 MSEK, and implies a net cash position (including issue proceeds and costs) of 743 MSEK, corresponding to 54% of the Net Asset Value.

Financial position

• The Net Asset Value (NAV) amounted to 1,371,644 KSEK (including the net proceeds from the new share issue), corresponding to 14.04 SEK per share which represents an increase of +30% per per share from the previous quarter.
• Net cash amounted to 742,550 KSEK (including the net proceeds from the new share issue), corresponding to 54% of the NAV.

The period April - June 2025

• Change in value of financial assets amounted to +137,376 KSEK (-32,232), incl. FX effect, of which -29,823 KSEK was due to changes in the USD/SEK exchange rate. The change in value of individual companies mainly consists of the holdings; io Products, OpenAI, Perplexity, Harvey, xAI & Quartr, whose accumulated value adjustment amounts to +159,191 KSEK, following updated valuations in connection with new capital rounds. The valuation of Instabee is adjusted down, in line with other listed investments. 
• Investments during the period amounted to 9,639 KSEK (17,192), see "Investments & divestments during quarter".
• Divestments during the period amounted to 1,134 KSEK (0), implying a positive change in value of +0.25 KSEK vs Q1, see "Investments & divestments during quarter".
• Operating expenses for the period amounted to 2,843 KSEK (1,679) corresponding to 1.13% (1.74%) of average NAV during the period, annualized.
• Operating profit amounted to 134,533 KSEK (-33,911). The operating profit includes unrealized changes in value of 143,782 KSEK (-32,232) as well as realized changes of -6,406 KSEK (0).
• Profit after tax amounted to 131,898 KSEK (-31,907).
• Profit per share amounted to 2.19 SEK (-0.65).

The period January - June 2025

• Change in value of financial assets amounted to +136,077 KSEK (-42,674), incl. FX effect, of which -69,065 KSEK was due to changes in the USD/SEK exchange rate.
• Investments during the period amounted to 31,475 KSEK (37,784), see "Investments & divestments during quarter".
• Divestments during the period amounted to 42,663 KSEK (0), implying a positive change in value of 14,427 KSEK during the year, see "Investments & divestments during quarter".
• Operating expenses for the period amounted to 5,220 KSEK (2,894) corresponding to 1,03% (1,48%) of average NAV during the period, annualized.
• Operating profit amounted to 130,857 KSEK (-45,568). The operating profit includes unrealized changes in value of 101,555 KSEK (-42,674) as well as realized changes of 34,523 KSEK (0).
• Profit after tax amounted to 122,498 KSEK (-42,491).
• Profit per share amounted to 2.03 SEK (-0.87).

Significant events during the quarter

• On April 4, Flat held an Extraordinary General Meeting that resolved to amend the Articles of Association by changing the limits for share capital and the number of shares outstanding. The General Meeting also resolved, in accordance with the Board's proposal, to authorize the Board to resolve, at any time until the next Annual General Meeting and on one or more occasions, on new issues of shares, warrants, and/or convertibles with or without deviation from the shareholders' preferential rights. See press release dated 2025-04-04.
• During the quarter, a new share issue was carried out, with preferential rights for existing B shareholders, with the aim of raising 300 MSEK in new capital. The issue was oversubscribed to 777 MSEK, corresponding to 260%, and the Board resolved to increase the issue amount through a directed share issue of 299 MSEK. Flat thus received total proceeds of 599 MSEK before issue costs, which is estimated to amount to 7.5 MSEK, corresponding to 1.2% of the total share issue.

Significant events after the end of the quarter

• On August 4, Hanna Andreen announced to the Board that she is stepping down as CEO of Flat. The Board will now initiate the process of recruiting a new CEO. Hanna will remain in her role as CEO during the six-month notice period.

Investments and divestments during the quarter
During the quarter, a new investment was made, which amounted to a total of 9.6 MSEK, and a divestment, which amounted to 1.1 MSEK;

• Flat invested approx. 9.6 MSEK in Pieces, an AI tool for developers with the goal of giving the user's computer its own memory by capturing, structuring and linking all relevant work context, such as code, documents and chats, to build and manage both real-time and long-term memory. Among the its investors is Drive Capital, an US VC fund run by Chris Olsen, former partner at Sequoia. 
• During the quarter, Flat sold all 71,058 shares in Lyst at a value of approx. 1.1 MSEK, following the acquisition by Japanese e-commerce company Zozo.

Other events

• Flat announced in a press release (2025-06-11) its intention to acquire additional shares in SpaceX, with a special purpose vehicle (SPV) from Nidoco AB. Due to changing conditions for the transaction, the parties have agreed to cancel the process, and Flat will therefore not carry out the non-cash issue.
• On July 31, Figma (FIG) was listed on the NYSE. Flat owns 23,476 shares, which according to the interim report (2025-06-30) are valued at 5,178 KSEK, corresponding to 21.30 USD per share. Figma closed its first day of trading at 115.50 USD. Flat's holding in Figma is subject to lock-up requirements.
• io Products, in which Flat invested 34,344 KSEK in Q4 2024, has officially confirmed it's been acquired and will be part of OpenAI.

Link to the report on the website:
https://www.flatcapital.com/en/investor-relations/

For further information, please contact:
Hanna Andreen, CEO, hw@flatcapital.com, +46 (0) 73 353 44 66
Antonio Melani, CFO, am@flatcapital.com,+46 (0) 72 221 81 32

Certified Adviser:
Flat Capitals Certified Adviser is Augment Partners AB, info@augment.se, +46 (0) 8 604 22 55

About Flat Capital:
Flat Capital invests long-term in exceptional entrepreneurs through its global network, giving shareholders access to companies with great potential. The portfolio includes OpenAI, Klarna, Perplexity, SpaceX, and ElevenLabs. Flat Capital was founded in 2013 by Nina and Sebastian Siemiatkowski, the entrepreneurs behind Milkywire and Klarna. Flat's major shareholders also include several of Sweden's most prominent entrepreneurial and industrial families. Read more at www.flatcapital.com

This information is information that Flat Capital AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2025-08-19 00:00 CEST.

Attachments

Flat Capital Interim Report January June 2025

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