Katalysen Ventures AB: Katalysen Ventures publishes report for the First Quarter 2026

KPIs at End of Period:

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General Financial KPIs:

*Parent refers to Katalysen Ventures AB (publ), Group includes the Parent's subsidiaries.

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Important events during the period:

2026-01-06: The board of directors of Katalysen Ventures AB (publ) announced that Katalysen has resolved to carry out a directed share issue of 454,546 new shares at a subscription price of SEK 5.50 per share corresponding to a discount of approximately 4.7% compared to the VWAP during the period from 1 December 2025 to 5 January 2026, which amounted to SEK 5.77. Through the directed share issue, Katalysen will receive proceeds amounting to approximately SEK 2.5 million before transaction costs. Total transaction costs are estimated at SEK 15,000.

01-19: Katalysen announced that MainlyAI has been added to Katalysen's portfolio. The investment is structured around Katalysen supporting MainlyAI in achieving a number of operational and commercial milestones, through which Katalysen's ownership may reach 21%. MainlyAI addresses a growing challenge in the market: many companies want to use AI, but struggle to connect AI solutions to existing systems, workflows, and operational responsibilities. The company's platform provides a technical foundation that enables AI services to be used inside organizations in a practical and controlled way, helping move AI from experimentation into real operations. Learn more: www.mainly.ai

02-17: Katalysen published its report for the 2025 Q4 period, available in full on the company's website.

02-19: Katalysen announced that the Company had secured approximately SEK 6.0 million in financing, consisting of a directed share issue of 510,000 new shares at SEK 5.50 per share, corresponding to approximately SEK 2.8 million before transaction costs, and an additional SEK 3.2 million in loan financing. The subscription price represented a discount of approximately 2.1% compared to the VWAP of Katalysen's share during the period 4-17 February 2026. Part of the financing is intended to be invested in an attractive turnaround opportunity identified by the Company, aligned with Katalysen's Venture Targeter investment model. Through the directed issue, Katalysen welcomed three investors, including two new shareholders, one of whom is Lars Lönnquist, who joins as a strategic investor with extensive experience from the Swedish capital markets. The directed issue increases the number of shares and votes from 10,341,764 to 10,851,764 and results in a dilution of approximately 4.7%.

03-06: Katalysen announced that the Company will significantly increase its ownership in portfolio company Aike Media AB through an additional investment. In connection with the investment, Katalysen will establish a dedicated turnaround team together with Martin Krona, former CEO of WPP Media Sweden, who will assume the role of operational lead. The initiative reflects Katalysen's model of developing portfolio companies in special situations through active ownership and operational engagement.

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Important events after the period:

04-02: Katalysen announced that the Company had published its annual report for the 2025 financial year. The annual report and the auditor's report are now available on the Company's website and were also attached to the press release.

04-24: Katalysen announced that the Company had held its Annual General Meeting on 23 April 2026. The AGM adopted the income statement and balance sheet for the 2025 financial year, resolved that no dividend shall be distributed, and granted the Board of Directors and CEO discharge from liability. The AGM further resolved that the Board shall consist of Peter Almberg, Ann-Sophie Hesser, Martin Trollborg, and Håkan Källåker, and elected BDO AB as auditing firm, with Peter Hamberg as auditor in charge. The Board was also authorized to resolve on the issuance of shares or warrants corresponding to a maximum of 1,915,017 shares, for the purpose of enabling capital raising or acquisitions. At the subsequent constituent board meeting, Peter Almberg was elected working Chairman of the Board, and Anders Dahlgren was appointed CEO.

05-18: The board of directors of Katalysen announced that Katalysen has resolved to carry out a directed issue consisting of units subscribed for in cash and shares subscribed for through set-off of short-term loan liabilities including accrued interest. The cash part of the issue is carried out at a subscription price of SEK 5.50 per unit, where each unit consists of one new share and one warrant issued free of charge. Each warrant entitles the holder to subscribe for one new share in Katalysen at a subscription price of SEK 5.50 per share, and may be exercised up to and including 15 November 2026. The set-off part of the issue is carried out through subscription of shares at SEK 5.00 per share. Through the issue, Katalysen will receive total proceeds of approximately SEK 6.7 million before transaction costs, of which approximately SEK 3.4 million through cash subscription of units and approximately SEK 3.3 million through set-off of short-term loan liabilities including accrued interest. Transaction costs are estimated at approximately SEK 15,000.

05-18: Aike Media AB (publ), in which Katalysen has a financial interest, announced that the boards of Aike Media and its wholly owned subsidiary Collabs AB had resolved to file for bankruptcy. Katalysen's total financial exposure to Aike Media amounts to approximately SEK 3.5 million, consisting of approximately SEK 58,000 in shares and approximately SEK 3.4 million in loans. While the development represents an unfortunate outcome, Katalysen's strategic interest in the underlying platform remains unchanged. The platform addresses a market opportunity that Katalysen continues to consider very attractive, and a dedicated turnaround team has already been established, as communicated on 6 March 2026, bringing relevant operational experience and knowledge of both the market and the underlying technology. Katalysen is now exploring how its Venture Targeter model can be applied to create value around the platform as a potential VT5 case.

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Report from CEO Anders Dahlgren

The first quarter of 2026 marked another step forward for Katalysen as we continued to strengthen the quality and value of our portfolio. Compared with the corresponding period last year, the Group reported an improved result, primarily driven by higher revenues and significantly lower write-downs. This reflects a portfolio that is becoming increasingly resilient as our core holdings continue to mature operationally and commercially.

During the quarter, total portfolio value increased from SEK 139 million to SEK 145 million, corresponding to growth of approximately 4.5%. The increase was mainly driven by expanded ownership in core holdings where operational momentum remains strong. These investments were executed at attractive valuation levels, creating estimated value relative to invested capital.

We continue to see positive development across several core holdings and believe the portfolio as a whole is reaching a higher level of maturity each quarter. Our Venture Targeter model continues to demonstrate its effectiveness through active ownership, operational engagement and disciplined capital allocation. Through this framework, we focus on solving larger and more value-critical challenges in increasingly mature companies, together with experienced operational experts who work alongside portfolio company management teams.

Total revenues during the quarter amounted to SEK 1.2 million (Q1 2025: SEK 0.1 million). Results were impacted by a write-down of SEK 0.4 million related to a smaller holding. Cash flow for the period was positive following the share issues completed during the quarter, while operational cash flow remained negative due to continued investments in portfolio and organizational development.

During the quarter, Katalysen invested approximately SEK 0.8 million, generating an estimated SEK 5.7 million in additional portfolio value. We also completed two share issues raising SEK 5.3 million, strengthening the Company's financial position and enabling continued investment activity.

In addition, we expanded our engagement in Aike and completed a new Venture Targeter transaction in Mainly.AI, which has now become part of the Katalysen portfolio. We view the platforms of Mainly.AI and Aike as attractive long-term additions aligned with our strategy of investing in businesses solving real market problems where active ownership can accelerate value creation and thereby also generate more liquidity.

It has now been more than two years since Katalysen implemented its current business approach. Since its launch, the Venture Targeter strategy has generated approximately SEK 83 million in additional portfolio value. This value creation has largely compensated for the write-downs made across other parts of the portfolio in recent years and further validates the effectiveness of our updated investment approach.

Looking ahead, our focus remains on strengthening our core holdings, executing ongoing strategic initiatives and progressing discussions related to partial or full exits within the portfolio. Several portfolio companies are entering increasingly important commercial phases, creating favorable conditions for future value realization.

In summary, Katalysen enters the remainder of 2026 with improved portfolio performance and a stronger balance sheet. We remain committed to disciplined execution, active ownership and long-term shareholder value creation.

Yours Sincerely,

Anders Dahlgren
Chief Executive Officer
Katalysen Ventures AB (publ)