Upgrade Invest Nordic (UPGRAD) investor relations material

Executive summary

• Total revenue for January–March 2026 was 0 TSEK, unchanged from the previous year.

• Operating result improved to -196 TSEK from -253 TSEK year-over-year.

• Net result for the period was -190 TSEK, compared to -215 TSEK in the same quarter last year.

• Earnings per share were -0.09 SEK, up from -0.11 SEK year-over-year.

• The largest holding, Climacheck, was acquired by an industrial player, with proceeds expected after year-end 2026/2027.

Financial highlights

• Net asset value at March 31, 2026, was 5.2 MSEK, or 2.5 SEK per share.

• Portfolio of unlisted holdings valued at 4.2 MSEK; cash position was 1 MSEK.

• No long-term loans; equity at period end was 5 MSEK.

• Short-term liabilities totaled 41 TSEK, mainly accrued expenses.

• Financial income for the quarter was 6 TSEK, mainly interest on business accounts.

Outlook and guidance

• Market conditions for small-cap IPOs remain challenging, with increased volatility and delayed projects.

• Planned IPO of an undisclosed company postponed to H2 2026.

• Expectation of gradual stabilization in the IPO market for smaller companies.