A year defined by accelerated scaling and strengthened strategic positioning, with strong growth across all key commercial KPIs and a clear step-change in digital conversion. A key milestone in 2025 was the entry of MNK Group as a strategic investor. MNK Group is an independent global (re)insurance group operating in 170+ countries with 20+ offices, 550+ employees, and reported group GWP of $1bn+.

• Step-change in new business: New business premiums (GWP) increased to SEK 57.573m (SEK 13.880m in 2024), demonstrating strong momentum and rapid scaling from a low base.
• Significantly larger recurring portfolio: The insurance premium portfolio increased to SEK 61.755m at year-end (SEK 25.255m), supporting future earned premium and commission development.
• Customer base nearly doubled: Active policies increased to 6,744 (3,418), confirming continued traction across partner-led distribution and digital customer journeys.
• Digital scalability milestone: In Q4, 60% of new sales were completed fully digitally, strengthening the Group’s ability to scale volumes with increasing operating leverage.
• EBITDA reflects timing effects in a high-growth year: Commission revenue is recognised on earned premium and therefore lags growth-related costs during rapid scale-up.
  

Significant events after the end of the period: MNK Group exercised all 10,000,000 warrants issued in connection with the directed share issue, strengthening the Group’s financial flexibility going into 2026.