Flat Capital AB (publ) ("Flat") publishes its interim report for January-September 2026 where the Net Asset Value per share amounts to 8.17 SEK per share, a decrease of 27% compared to the previous quarter. The change in value for the quarter amounted to -1,459,309 kSEK, mainly driven by the negative share price development in the listed holding Klarna, where the underlying Klarna shares are valued at 12.39 USD per share based on the closing price on 2026-09-30, corresponding to a change in value of -1,821,360 kSEK. The remaining part of the Net Asset Value increased by approximately 37%, mainly as a result of the revaluation of the holding in Defensor by approximately 413 MSEK. During the quarter, Flat Capital made an additional investment of 94.9 MSEK in Klarna as well as investments in Pixelgen and Afactor, and divested approximately one third of its holding in SpaceX with gross sales proceeds of 54.6 MSEK. On September 8, Flat Capital announced that Rickard El Tarzi will step down as CEO at year-end.
Financial position
- The Net Asset Value (NAV) amounted to 4,069,406 kSEK, corresponding to 8.17 SEK per share.
- Cash and cash equivalents amounted to 226,050 kSEK, resulting in a net debt of 271,771 kSEK as of September 30, 2026.
The period July - September 2026
- The change in value amounted to -1,459,309 kSEK (112,633) during the quarter. The change in value in listed holdings amounted to -1,865,063 kSEK, and consists mainly of the share price development in Klarna of -1,821,360 kSEK, where the underlying Klarna shares are valued at 12.39 USD per share, based on the closing price on 2026-09-30. The change in value in unlisted holdings amounted to 405,753 kSEK.
- Investments amounted to 153,903 kSEK (543,710).
- Divestments amounted to 54,588 kSEK (0).
- Operating expenses amounted to 3,697 kSEK (3,743) corresponding to 0.31% (1.05%) of average NAV, annualized. Personnel costs during the quarter amounted to 498 kSEK (913), of which the recognized cost for employee stock options amounted to -658 kSEK (0).
- Operating profit amounted to -1,463,006 kSEK (108,890). The operating profit includes unrealized changes in value of -1,504,044 kSEK (112,633) as well as realized changes in value of 44,734 kSEK (0).
- Profit after tax amounted to -1,478,124 kSEK (108,542).
- Profit per share before and after dilution amounted to -2.97 SEK (1.11).
The period January - September 2026
- The change in value amounted to -2,777,226 kSEK (248,710) during the period. The change in value in listed holdings amounted to -3,480,055 kSEK, and consists mainly of the share price development in Klarna of -3,594,897 kSEK, where the underlying Klarna shares are valued at 12.39 USD per share, based on the closing price on 2026-09-30. The change in value in unlisted holdings amounted to 702,829 kSEK.
- Investments amounted to 1,365,233 kSEK (575,184).
- Divestments amounted to 992,999 kSEK (42,663).
- Operating expenses amounted to 21,642 kSEK (8,963) corresponding to 0.52% (1.12%) of average NAV, annualized. The higher costs for the period are attributable to consulting and legal fees linked to Flat's list change and amounted to approx. 4,157 kSEK in the period, as well as a listing fee to Nasdaq Stockholm of 1,563 kSEK. Personnel costs during the period amounted to 6,613 kSEK (2,906), of which the recognized cost for employee stock options amounted to 2,822 kSEK (0).
- Operating profit amounted to -2,798,835 kSEK (239,864). The operating profit includes unrealized changes in value of -3,530,345 kSEK (214,187) as well as realized changes in value of 753,119 kSEK (34,523).
- Profit after tax amounted to -2,861,978 kSEK (231,039).
- Profit per share before dilution amounted to -5.75 SEK (3.17) and after dilution to -5.75 SEK (3.16).
Share issue and financing
- The outstanding interest-bearing liability as of September 30, 2026 amounted to 497,820 kSEK.
- During the quarter, all warrants within LTIP 2023/2026 were exercised, resulting in the subscription of a total of 240,457 B-shares and proceeds to the company of 2,306 kSEK, after which the total number of shares amounts to 498,082,578.
Significant events during the quarter
- On September 8, Flat Capital announced that Rickard El Tarzi will step down as CEO at year-end. The Board has initiated the recruitment of a new CEO.
Significant events after the end of the quarter
- No significant events have occurred after the end of the quarter.
Investments and divestments during the quarter
During the quarter, investments totaling approx. 153.9 MSEK were made, as well as divestments of approx. 54.6 MSEK;
- The largest investment was an additional investment in Klarna (via DSAB) of 94.9 MSEK, through the acquisition of a further 692,506 shares, after which Flat's ownership amounts to 7% of the capital and 14% of the votes. In addition, Flat invested 40.2 MSEK in Pixelgen, 16.0 MSEK in Afactor, 1.5 MSEK in Hemla, 0.7 MSEK within active management and 0.5 MSEK in the fund Project Europe II.
- Flat divested approximately one third of its holding in SpaceX, including the former holding in xAI, for total gross sales proceeds of approx. 54.6 MSEK. This corresponds to a gross profit of approx. 44.7 MSEK and a gross return of approx. 5.5x MOIC and approx. 117% IRR over the holding period.
Other events
- No other events have occurred during the quarter.
Link to the report on the website:
https://www.flatcapital.com/shareholders
For further information, please contact:
Rickard El Tarzi, CEO, ret@flatcapital.com, +46 (0) 736 22 38 71
About Flat Capital:
Flat Capital is a listed investment company with an unusually uncomplicated business idea: to invest in what creates the greatest value over time, as cost-effectively as possible. Flat has a broad investment mandate across sectors, geographies and asset classes. What the portfolio companies have in common is that they challenge established structures. Flat consists of a small team, combined with Sebastian Siemiatkowski's experience and global network. This means that Flat has access to unique opportunities and can act quickly and resource-efficiently. The result has been a track record of highly successful investments since its founding. Flat Capital is listed on Nasdaq Stockholm and has more than 25,000 shareholders. More information is available at: www.flatcapital.com.
