Flat Capital AB (publ) (“Flat”) publishes its interim report for January-September 2025, in which the net asset value per share amounts to 1,480,119 KSEK, corresponding to 15.15 SEK per share, an increase of +7.9% compared with the previous quarter. The reported net asset value does not include the integration of Double Sunday AB (“DSAB”), as this took place after the end of the quarter. The adjusted net asset value, after the integration of DSAB, is shown in the pro forma calculation in Note 9 of the report. During the quarter, Flat signed an agreement to make a majority investment in Defensor Group AB (“Defensor”), a new Swedish industrial group with the ambition of becoming a leading player in the Nordic defense and security industry. Flat invested 457,500 KSEK in Defensor, for an ownership stake of approx. 62.5 percent. In connection with the interim report, Flat has transitioned from preparing interim reports in accordance with K3 to International Financial Reporting Standards (IFRS).

Financial position

• Net asset value amounted to 1,480,119 KSEK, corresponding to 15.15 SEK per share, which represents an increase of +7.9% per share for the quarter.
• Net cash amounted to 198,061 KSEK, corresponding to 13% of net asset value.

Amounts in parentheses refer to comparative figures. For items in the income statement and cash flow statement, the figures relate to the result and cash flows for the same period in the previous year. For balance sheet items, the figures refer to the financial position at the end of the previous year.

Period July-September 2025

• Change in value of financial assets amounted to 112,633 KSEK (22,863), incl. FX effect of approx. -7,603 KSEK. The change in value mainly consists of unlisted holdings OpenAI, Perplexity, ElevenLabs, Lovable, Nexos, SpaceX whose accumulated value adjustment amounts to +112,394 KSEK, subsequent new capital rounds. Figma is also adjusted upwards by +6,289 KSEK, subsequent adjustment of the share price to the closing price as of 2025-09-30. Klarna is valued at the closing price as of 2025-09-30, which is in line with the valuation for the previous quarter.
• Investments amounted to 543,710 KSEK (38,809). Divestments amounted to 0 KSEK (0).
• Operating expenses for the period amounted to 3,743 KSEK (1,130) corresponding to 1.05% (1.19%) of average NAV, annualized.
• Operating profit amounted to 108,890 KSEK (21,733). The operating profit includes unrealized changes in value of 112,633 KSEK (22,863) as well as realized changes in value of 0 KSEK (0).
• Profit after tax amounted to 108,542 KSEK (22,482).
• Profit per share before dilution amounted to 1.11 SEK (0.46).

Period January-September 2025

• Change in value of financial assets amounted to 248,710 KSEK (-19,811), incl. FX effect of approx. -76,668 KSEK. 
• Investments during the period amounted to 575,184 KSEK (76,593).
• Divestments during the period amounted to 42,663 KSEK (0).
• Operating expenses for the period amounted to 8,963 KSEK (4,024) corresponding to 1.12% (1.33%) of average NAV, annualized.
• Operating profit amounted to 239,864 KSEK (-22,666). The operating profit includes unrealized changes in value of 214,187 KSEK (-19,811) as well as realized changes in value of 34,523 KSEK (0).
• Profit after tax amounted to 231,039 KSEK (-20,009).
• Profit per share before dilution amounted to 3.17 SEK (-0.41) and after dilution 3.16 (0.41).

Cash flow statement

• As of 2025-09-30, cash and cash equivalents amounted to 198,061 KSEK (158,832), of which cash flow from operating activities amounted to -1,602 KSEK (-562) for the period July-September and -19,389 KSEK (427) for the period January-September.
• Cash flow from investing activities amounted to -543,710 KSEK (-38,809) for the period July-September and -532,522 KSEK (-76,593) for the period January-September and consists primarily of the investment in Defensor, see “Investments and divestments during the quarter”. 
• Cash flow from financing activities amounted to 591,140 KSEK (-38) for the period July-September and 591,140 KSEK (-38) for the period January-September and relates to proceeds from the issue of 591,140 KSEK, after deduction of issue costs.

Significant events during the quarter

• On August 4, 2025, Hanna Andreen informed the Board that she will be stepping down as CEO of Flat. The Board has begun the process of recruiting a new CEO. Hanna will remain as CEO during her six-month notice period, which runs until February 4, 2026.
• On August 29, 2025, Flat, together with a group of prominent entrepreneurs, signed an agreement to make a majority investment in Defensor, a new Swedish industrial group with the ambition of becoming a leading player in the Nordic defense and security industry. Flat is investing approximately 458 MSEK in Defensor from existing cash reserves for an ownership stake of approximately 62.5 percent. 
• On September 17, 2025, Flat's board of directors announced a proposal to integrate Double Sunday AB (“DSAB”), a company indirectly wholly owned by Sebastian Siemiatkowski that owns 24,564,396 ordinary shares in Klarna Group plc (“Klarna”), through non-cash issues. In connection with the proposed integration, it was also announced that Flat intends to obtain loan financing from a Swedish bank of approximately 1.1 billion SEK in connection with the completion of the transaction, with an expected term of one year.
• The interim report for July-September 2025 is the first financial report prepared in accordance with International Financial Reporting Standards (IFRS). Flat has previously prepared annual and interim reports in accordance with K3. The financial statements in the interim report refer to Flat as the parent company and the IFRS reporting entity. Flat has been an investment company in accordance with IFRS 10 since January 1, 2025, and therefore does not prepare consolidated financial statements. The transition to IFRS has not resulted in any adjustments to reported amounts for the comparison period or opening equity. No restatements of comparative figures have therefore been made.

Significant events after the end of the quarter

• On October 14, 2025, Sebastian Siemiatkowski and the board presented an improved proposal for the extraordinary general meeting on October 17, which meant that Sebastian Siemiatkowski would be allocated 16 percent fewer shares in DSAB.
• On October 17, 2025, the extraordinary general meeting resolved to integrate DSAB, a company fully owned by Sebastian Siemiatkowski, which owns 24,564,396 ordinary shares in Klarna. The general meeting thus resolved on two new issues totaling 400,137,971 shares, of which 136,657,667 A- and 263,480,304 B-shares, against payment in kind consisting of all shares in DSAB. For pro forma net asset value, see Note 9 in the interim report.

Investments & divestments during the quarter
During the quarter, five new investments were made, totaling 543.7 MSEK.

• 457.5 MSEK in Defensor - see press release as of 2025-08-29
• 47.2 MSEK in Cerebras - see press release as of 2025-10-01
• 38.5 MSEK in AI-portfölj #2 - see press release as of 2025-10-21
• 0.4 MSEK in Nexos - pro rata in existing holding
• 0.1 MSEK in CDLP - pro rata in existing holding

Other events

• On October 22, 2025, CEO Hanna Andreen exercised all of her 364,243 warrants of series 2021/2025:A through a so-called net strike, which resulted in the subscription of 16,404 B shares.

Note: This is a non-official translation of the Swedish original text. In case of any discrepancies between the Swedish text and the English translation, the Swedish text shall prevail.

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 Capital’s Certified Adviser is Augment Partners AB, info@augment.se, +46 (0) 8 604 22 55

About Flat Capital:
Flat makes long-term investments in outstanding entrepreneurs through its global network, giving shareholders access to companies with great potential. The portfolio includes several global and leading tech companies, such as OpenAI, Klarna, Perplexity, SpaceX and ElevenLabs. Flat has a broad mandate and invests as both an active and passive owner. Flat 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 leading entrepreneurial and industrial families. Read more at www.flatcapital.com