Interim report
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2026Q 2 This disclosure contains information that Katalysen Ventures AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication on 2026 - 08 - 18. 2026 Q 2 Quarterly Report 2026 - 0 4 - 01 to 2026 - 0 6 - 3 0 Katalysen Ventures AB (publ) (”Katalysen”)
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2026Q 2 CEO Report 2 The second quarter of 2026 marked another step forward for Katalysen as we continued to strengthen the quality and value of our portfolio. The result for the period was in line with the corresponding quarter last year, while our core holdings continued to mature both operationally and commercially. During the quarter, the core team , together with our partners, maintained our focus on actively supporting and developing our core holdings. This work continued to generate tangible results, with several portfolio companies entering new collaborations, signing important agreements and preparing for their next stages of growth. Total portfolio value increased by 4.3% during the quarter to approximately SEK 151 million. Based on the number of outstanding shares at the end of the period, this corresponds to a net asset value of SEK 13.17 per share. This provides a clear indication of the underlying value represented by each Katalysen share. Valega continued its commercial development and preparations for a larger financing round, which will commence in the third quarter. The company also strengthened its Board of Directors, further developed its business model and completed extensive work on its financial key performance indicators and forecasts. Together, these initiatives have created a stronger foundation for the company’s continued expansion and the upcoming financing round. InvitePeople is continuing its strong momentum and growth by signing new significant agreements with multinational companies and European public authorities, further validating the strength and scalability of its platform. Commercial activity remained high during the quarter, with more than 1,000 new users onboarded in May alone, representing organisations and participants across approximately 143 countries. This broad geographical reach demonstrates the platform’s ability to support complex corporate deployments on a global scale. Together with the company’s growing share of recurring revenues, this global reach and proven ability to manage large - scale corporate deployments provide a strong foundation for continued international growth and improved profitability. QuTEM continued its expansion in the United States, a strategically important market for the company. By further developing its business model, QuTEM has established an efficient path to growth through partnerships with local laboratories. This enables rapid expansion with strong operating margins, without requiring the company to invest in additional laboratory capacity of its own. Katalysen Overview Portfolio Financials More
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2026Q 2 CEO Report (continued) 3 S4DX also continues to gain market traction and develop rapidly. The company’s solution is used in collaboration with several of the world’s leading manufacturers of in - vitro diagnostic equipment. By improving control, traceability and quality throughout the pre - analytical phase of blood testing, S4DX addresses a significant and costly challenge within laboratory diagnostics. The solution’s ease of implementation and scalable business model create strong potential for broader adoption across healthcare systems and laboratory networks. During the period, Aike, one of the turnaround projects initiated during the first quarter, filed for bankruptcy. Shortly after our involvement began, it became clear that the company’s actual financial position was materially weaker than indicated by the information initially available. This changed the conditions for the turnaround and led us to pause our engagement, with limited financial exposure/loss. 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 favourable conditions for future value realisation. In summary, Katalysen enters the second half of 2026 with an increasingly mature core portfolio. The commercial and operational progress achieved during the quarter strengthens our confidence in both the portfolio and our investment model. We look forward to an active autumn, with a continued focus on converting this progress into further portfolio value and, over time, increased liquidity for Katalysen and its shareholders. Yours s incerely , Anders Dahlgren Chief Executive Officer Katalysen Ventures AB (publ) Katalysen Overview Portfolio Financials More
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2026Q 2 About Katalysen
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2026Q 2 5 Katalysen Overview Portfolio Financials More Unique Model, Unique Investments, Unique Outcomes. Headquartered in Stockholm, with partners across Europe and beyond, Katalysen Ventures collaborates with owner - led companies, investors, entrepreneurs, and experts to tackle complex challenges. When major problems are solved, value is created immediately. We build our portfolio by investing at pre - solution valuations, before many critical improvements and strategic initiatives are implemented. Since late 2023, Katalysen has completed five transactions using this approach, delivering strong results through active, hands - on value creation. Whether you are an entrepreneur, investor, or expert we call you a partner. We don’t just share your ambition; we align our incentives with yours. Through close collaboration and deep expertise in venture development, we help businesses evolve, adapt, and thrive across market cycles. > To learn more, visit KATALYSEN.COM
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2026Q 2 6 What We Provide A problem solving approach and venture investment model which allows for real value creation. The Venture Targeter model introduced in 2024 has generated a substantial estimated portfolio value increase. Katalysen provides exposure to 20 + B2B companies in industries where we see strong potential for long - term value creation. For investors lacking the time or expertise to build their own portfolio, we offer a shortcut to diversification across areas such as deep tech, digital health, and industrial digitalization. Many of our share - holders use Katalysen to identify and access unique investment opportunities in European ventures. We can provide access to special situation deals that can otherwise be difficult to find and evaluate independently, and the opportunity to co - invest in these deals alongside Katalysen. Our DNA (1) Deal - Driven We seek compelling transactions in promising ventures where we can make a real difference. (2) Mutual Gain We invest in ventures with the long - term goal of creating lasting value for all shareholders. (3) Bespoke Each investment is tailored. We customize structures, terms, and engagement — because one size never fits all. (4) Long - Term We build for the long haul, with a focus on trust and repeat collaboration. Katalysen Overview Portfolio Financials More
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2026Q 2 Period Overview
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2026Q 2 KPIs at End of Period 8 Katalysen Overview Portfolio Financials More Est. Portfolio Market Value This Period Last Period % Change Total Portfolio 1 51.4 SEKm 1 45.1 SEKm + 4.3 % Of W hich , Core Investments 1 18.3 SEKm 1 11.7 SEKm + 5.8 % Core Investments % of Total Portfolio 7 8 % 7 7% Core Investments Summary Equity Stake InvitePeople Event management infrastructure 15% QuTEM Nanoparticle TEM analytics 15% S4DX Digital preanalytical diagnostics 8% Valega Crypto compliance analytics 20% Alternativa Unlisted ownership infrastructure 2 4 % Commentary The portfolio’s core investments increased in value by 5.8 percent during the period and now represent 7 8 .0 percent of the total portfolio value. At the same time, total portfolio value increased by 4. 3 percent . During the period, Katalysen completed a directed issue of units subscribed for in cash and shares subscribed for through set - off, pursuant to the authorization granted by the Annual General Meeting on 23 April 2026. The issue provided the company with approximately SEK 6.7 million before transaction costs, comprising approximately SEK 3.4 million in cash proceeds and approximately SEK 3.3 million through the set - off of short - term loan liabilities and accrued interest , thereby reducing indebtedness and strengthening the company’s financial position. See “Important Events During the Period” for more details.
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2026Q 2 General Financial KPIs Important Events During the Period 2026 - 0 4 - 0 2 Katalysen published annual report for 2025: Katalysen published its annual report for 2025, available in full on the company’s website. 0 4 - 24 Communiqué from the Annual General Meeting and Constituent Board Meeting of Katalysen : On 23 April 2026, Katalysen Ventures AB ( publ ) held its Annual General Meeting, at which the income statement and balance sheet for 2025 were adopted, no dividend was declared, and the Board of Directors and CEO were discharged from liability. Peter Almberg, Ann - Sophie Hesser, Martin Trollborg and Håkan Källåker were elected as Board members, while BDO AB was re - elected as auditor, with Peter Hamberg 9 Group* Q2 2026 Q2 2025 2025 - 01 - 01 2025 - 12 - 31 Net sales (TSEK) 409 685 1 647 Profit after financial items (TSEK) - 1 858 - 1 856 - 20 186 Balance sheet total (TSEK) 62 373 58 616 54 787 Solidity (%) 96.7% 92.9% 94.9% Earnings per share (SEK) - 0.15 - 0.23 - 2.04 Number of outstanding shares 12 134 511 8 205 790 9 887 218 Portfolio Value (SEK) 151 365 841 135 382 946 138 862 217 Net Asset Value per share (SEK)** 13.17 16.61 14.43 Parent* ** Q2 2026 Q2 2025 2025 - 01 - 01 2025 - 12 - 31 Net sales (TSEK) 409 685 1 647 Profit after financial items (TSEK) - 1 849 - 1 825 - 20 594 Balance sheet total (TSEK) 63 097 59 053 55 320 Solidit y (%) 97.6% 95.1% 96.2% Earnings per share (SEK) - 0.15 - 0.22 - 2.08 Number of outstanding shares 12 134 511 8 205 790 9 887 218 *Parent refers to Katalysen Ventures AB (publ), Group includes the Parent’s subsidiaries. * *NAV per share = [ Portfolio value + cash and cash equivalents + receivables + other financial assets − total liabilities ] / Number of outstand ing shares ** * The company operates debt - free and is fully equity - financed, with no interest - bearing liabilities. Katalysen Overview Portfolio Financials More
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2026Q 2 10 Katalysen Overview Portfolio Financials More as auditor in charge. The Meeting also authorized the Board to issue shares or warrants corresponding to a maximum of 1,915,017 shares, representing approximately 15 percent dilution upon full exercise, to facilitate capital raising or acquisitions. At the subsequent constituent Board meeting, Peter Almberg was elected working Chairman and Anders Dahlgren was appointed CEO. 0 5 - 1 8 Katalysen announced a directed issue of units and set - off issue of shares: During the period, Katalysen Ventures AB ( publ ) completed a directed issue of units subscribed for in cash and shares subscribed for through set - off, pursuant to the authorization granted by the Annual General Meeting on 23 April 2026. The issue provided the company with approximately SEK 6.7 million before transaction costs, comprising approximately SEK 3.4 million in cash proceeds and approximately SEK 3.3 million through the set - off of short - term loan liabilities and accrued interest, thereby reducing indebtedness and strengthening the company’s financial position. The issue initially comprised 1,282,747 new shares and resulted in dilution of approximately 10.6 percent. The cash - subscribed units also included warrants that may provide up to an additional approximately SEK 3.4 million if fully exercised by 15 November 2026, corresponding to a further potential dilution of approximately 5 percent. 0 5 - 19 Katalysen published its report for the first quarter 2026 : During the period, Katalysen Ventures AB ( publ ) published its report for the first quarter of 2026, reporting an estimated total portfolio value of SEK 145 million, an increase of approximately 4.5 percent compared with the preceding period, while the value of core investments increased by approximately 7 percent to SEK 112 million. During the quarter, Katalysen raised approximately SEK 5.3 million through two directed share issues, added MainlyAI to the portfolio, and increased its engagement in Aike Media through an additional investment and the establishment of a dedicated turnaround team. The company invested approximately SEK 0.8 million during the quarter, which was estimated to have generated approximately SEK 5.7 million in additional portfolio value. 0 5 - 27 Katalysen portfolio company QuTEM marked growing recognition of core technology as USP includes CryoTEM in AAV reference standard certificates : During the period, Katalysen Ventures AB ( publ ) announced that Cryogenic Transmission Electron Microscopy, or CryoTEM , had been included as a new analytical method in updated certificates for the U.S. Pharmacopeia’s AAV8 reference standards. The development represents an important milestone for portfolio company QuTEM , in which Katalysen holds a 15 percent ownership stake through Venture Targeter , and provides further recognition of CryoTEM as a relevant analytical method for the characterization and quality control of gene therapy vectors. Unlike indirect analytical techniques, CryoTEM enables direct visualization and classification of individual AAV particles based on their internal density. The inclusion strengthens the case for using QuTEM’s validated and automated CryoTEM platform in routine quality control and release testing, supporting the company’s position as adoption of the technology within gene therapy and other biopharmaceutical applications continues to develop. Important Events After the Period - 02: Katalysen announced that the Company had published its annual report for the 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. - 18: Katalysen
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2026Q 2 11 Katalysen Overview Portfolio Financials More 06 - 15 Katalysen portfolio company VALEGA announced a strengthened board with compliance expertise for the banking sector: During the period, Katalysen Ventures AB ( publ ) announced that core holding VALEGA Chain Analytics Oy had entered into a strategic partnership with Softronic CM1 AB and its anti - money laundering platform, Softronic CM1. The partnership supports VALEGA’s expansion into the traditional banking and financial sector by combining its specialist blockchain analytics capabilities with established AML infrastructure. VALEGA also strengthened its Board of Directors through the appointment of Peter Almberg, Håkan Källåker and Oscar Chröisty , adding extensive experience in financial markets, banking, regulatory compliance and financial services. The board reinforcement is intended to strengthen VALEGA’s credibility with banks, payment providers and AML system vendors and was carried out in connection with an ongoing capital raise to finance the company’s continued growth and European expansion. Important Events After the Period 2026 - 0 7 - 02 Katalysen portfolio company VALEGA announced new agreements and a strengthened international expansion plan: After the period, Katalysen Ventures AB ( publ ) announced that portfolio company VALEGA Chain Analytics had entered into new strategic partnership agreements supporting its continued international expansion. Through an agreement with Norway - based Cointegrity , VALEGA’s transaction - monitoring solution for blockchain - based assets will be integrated into Cointegrity’s offering to banks, initially in Norway and subsequently across Europe. VALEGA also entered into a partnership with a leading Central European provider of digital forensics, cybersecurity and financial - crime investigation services, which will integrate VALEGA’s blockchain analytics technology into its offering and expand the company’s distribution across the DACH region and other European markets. In addition, Tobias Mathiasen was appointed Strategic Advisor with responsibility for supporting VALEGA’s establishment, business development and strategic partnerships in Japan and other Asian markets.
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2026Q 2 Our Portfolio
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2026Q 2 Our Portfolio These five ventures represent approximately 75% of the portfolio’s total value. Core Investments demonstrate a combination of two key characteristics: 1. Important for current value: the holding represent s a significant part of the portfolio’s current value. 2. Important for future value: the holding holds great potential to contribute positively to the portfolio’s future value. For even more information, please visit KATALYSEN.COM/CORE 13 Core Investments Katalysen Overview Portfolio Financials More Equity stake: ~15% QuTEM: In Gene Therapy, Data is as Crucial as Biology Next - generation quality control analysis for advanced medicines, with a particular focus on gene therapies. What began as breakthrough electron microscopy technology has developed into a full analytics platform, with proprietary software and a vast data library. Partners include some of the world’s largest global players in biopharma manufacturing — and the platform is rapidly becoming essential for ensuring accuracy, safety, and regulatory readiness in complex therapeutic development. Equity stake: ~15% InvitePeople: Events that Connect, Data that Counts End - to - end, data - driven solution for any type of event, with a strong focus on enterprise clients. The platform supports everything from physical conferences to large - scale hybrid and digital events, combining participant management, content delivery, and engagement analytics in one interface. InvitePeople enables better, more efficient events at an optimized cost, for clients such as IKEA, Deutsche Bahn, and Atlas Copco — and is increasingly used as a long - term engagement hub across organizations.
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2026Q 2 14 Katalysen Overview Portfolio Financials More Equity stake: ~ 8% S4DX: Digitalising the Pre - Analytical Phase of Blood Sampling Digital pre - analytics platform transforming the way biological samples are collected, tracked, and processed. By digitizing the pre - analytical phase, S4DX improves reliability, efficiency, and patient safety across diagnostics and research. Clients include the world’s largest laboratories, healthcare providers, and global diagnostic companies — and the platform is increasingly becoming the digital backbone for next - generation blood diagnostics and logistics. Equity stake: ~20% Valega: Linking Traditional & New Finance Through Due Diligence Regulatory technology company providing advanced transaction monitoring and risk analysis for digital assets. By combining AI - driven analytics with real - time blockchain intelligence, Valega enables financial institutions to detect fraud, ensure AML compliance, and meet evolving regulatory standards. Clients include leading banks, payment providers, and digital asset platforms — and the company helps bridge traditional finance with the rapidly evolving digital asset economy. Equity stake: ~2 4 % Alternativa: Next Generation Ownership Infrastructure The natural hub for Sweden’s fast - growing unlisted sector. Making complex processes such as ownership administration, shareholder management, transactions, and financing simple, transparent, and efficient. The platform builds on the legacy of eAktiebok and is led by a seasoned team with deep experience in trading and finance — and is emerging as the infrastructure layer connecting private companies, investors, and advisors in the new unlisted economy.
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2026Q 2 Other Strategic Holdings Flinker Modular software for modern leasing solutions Platform for the creation of brand - new sport data Enabling modern, collaborative learning Platform promoting trade between food producers Platform software for issuing digital mortgages Modular software for efficient asset management Next gen heating/cooling for large buildings Website - as - a - Service solution for SMEs 15 WebbEss ConexBird Katalysen Overview Portfolio Financials More Note: Beyond the core and strategic holdings outlined above, the portfolio contains a limited number of smaller, non - strategic positions representing approximately 1 % of total portfolio value and not material to the overall investment case. Sweden's fastest growing provider of co - working spaces. Exited to publicly listed Castellum, one of the largest property companies in the Nordic region. Developing green roofs to make cities more sustainable. Exited to publicly listed Nordic Waterproofing Group, one of Europe's leading producers of waterproofing solutions. Full Exits to Date
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2026Q 2 Financial Statements: Group Parent refers to Katalysen Ventures AB (publ), Group includes the Parent’s subsidiaries.
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2026Q 2 Group Income Statement 17 Katalysen Overview Portfolio Financials More SEK Q2 2026 Q2 2025 H1 2026 H1 2025 Jan - Dec 2025 Length of period 3m 3m 6m 6m 12m Net sales 409 014 685 355 1 444 274 685 355 1 647 246 Capitalised production costs 0 1 0 1 1 Other operating income 81 258 120 000 201 888 240 003 487 161 490 272 805 356 1 646 162 925 359 2 134 407 Operating expenses Other external expenses - 1 377 465 - 1 040 630 - 2 578 584 - 2 257 682 - 7 274 003 Personnel costs - 1 248 536 - 967 936 - 2 537 145 - 1 725 186 - 3 970 556 Depreciation and write - downs of tangible and intangible fixed assets - 11 907 - 11 907 - 23 814 - 23 814 - 54 501 Impairment of current assets in addition to normal impairment losses 0 0 0 0 0 Other operating expenses 0 - 8 287 0 - 11 504 - 11 900 - 2 637 908 - 2 028 759 - 5 139 543 - 4 018 187 - 11 310 961 Operating profit - 2 147 636 - 1 223 403 - 3 493 381 - 3 092 828 - 9 176 554 Profit from financial items Result from Group Companies 0 0 0 0 0 Profit from other securities and receivables that are fixed assets 270 857 - 621 131 - 143 605 - 4 174 568 - 11 474 499 Other interest income and similar items 19 391 45 51 402 29 059 495 165 Interest expenses and similar income items - 837 - 11 541 - 34 217 - 17 794 - 30 136 289 410 - 632 627 - 126 421 - 4 163 303 - 11 009 470 Result after financial items - 1 858 225 - 1 856 030 - 3 619 802 - 7 256 130 - 20 186 024 Year - end appropriations 0 0 0 0 0 Profit before tax - 1 858 225 - 1 856 030 - 3 619 802 - 7 256 130 - 20 186 024 Tax on profit for the period 0 0 0 0 0 Results for the period - 1 858 225 - 1 856 030 - 3 619 802 - 7 256 130 - 20 186 024
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2026Q 2 18 Group Balance Sheet Katalysen Overview Portfolio Financials More ASSETS 2026 - 06 - 30 2025 - 06 - 30 2025 - 12 - 31 Subscribed but unpaid capital 0 0 0 Fixed assets Intangible fixed assets Capitalized expenses for development work and similar work 0 0 0 0 0 0 Tangible fixed assets Equipment, tools and installations 311 566 366 018 335 380 311 566 366 018 335 380 Financial assets Shares in group companies 0 0 0 Receivables from group companies 0 36 294 0 Participations in associated companies and jointly controlled companies 13 782 785 11 334 518 11 893 815 Receivables from associated companies and jointly controlled companies 0 0 0 Other long - term securities 37 711 489 41 803 944 36 550 502 Other long - term receivables 600 000 600 000 600 000 52 094 274 53 774 756 49 044 316 Total fixed assets 52 405 840 54 140 773 49 379 696 Current assets Receivables Accounts receivable 2 810 438 1 126 659 1 430 404 Claims on related parties 1 735 244 948 897 1 985 092 Current tax assets 441 357 322 555 362 115 Other receivables 3 789 299 1 254 028 1 158 276 Prepayments and accrued income 213 791 338 634 225 588 8 990 129 3 990 774 5 161 476 Cash and bank balances 977 324 484 891 245 994 Total current assets 9 967 453 4 475 664 5 407 470 TOTAL ASSETS 62 373 293 58 616 437 54 787 167 EQUITY AND LIABILITIES 2026 - 06 - 30 2025 - 06 - 30 2025 - 12 - 31 Equity Restricted equity Share capital 1 577 486 1 066 753 1 285 338 Unregistered share capital 0 0 0 1 577 486 1 066 753 1 285 338 Unrestricted equity 58 731 618 53 411 754 50 697 612 Equity attributable to the parent company's shareholders 60 309 104 54 478 506 51 982 951 Possession without controlling influence 1 739 321 2 139 Total equity 60 310 844 54 478 827 51 985 089 Long - term liabilities Total long - term liabilities 97 508 133 353 115 637 Current liabilities Accounts payable 570 048 2 427 817 1 132 110 Other debts 627 293 913 963 721 212 Accrued expenses and prepaid income 767 599 662 476 833 118 Total short - term liabilities 1 964 940 4 004 257 2 686 440 TOTAL EQUITY AND LIABILITIES 62 373 292 58 616 438 54 787 167
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2026Q 2 19 Group Cash Flow Statement Katalysen Overview Portfolio Financials More SEK 2026 - 04 - 01 2026 - 06 - 30 2025 - 04 - 01 2025 - 06 - 30 2026 - 01 - 01 2026 - 06 - 30 2025 - 01 - 01 2025 - 06 - 30 2025 - 01 - 01 2025 - 12 - 31 Length of period 3m 3m 6m 6m 12m The day - to - day operations Profit after financial items - 1 858 225 - 1 856 030 - 3 619 802 - 7 256 130 - 20 186 024 Adjustments for items that are not included in cash flow - 3 022 875 2 437 230 - 2 704 060 6 367 525 12 906 111 Paid tax 0 0 0 0 0 Cash flow from operating activities before changes in working capital - 4 881 100 581 200 - 6 323 862 - 888 606 - 7 279 913 Cash flow from changes in working capital Change in accounts receivable - 409 013 - 1 110 723 - 1 435 233 - 1 110 723 - 999 664 Change in current receivables - 121 379 129 923 - 50 408 - 37 113 - 31 654 Change in accounts payable - 159 054 159 087 - 441 273 10 580 - 838 922 Change in current liabilities - 10 761 - 496 - 47 215 - 14 776 - 1 378 540 Cash flow from operating activities - 5 581 307 - 241 008 - 8 297 992 - 2 040 637 - 10 528 693 Investment activities Investments in tangible fixed assets 0 0 0 0 0 Investments in intangible fixed assets 0 0 0 0 0 Investments in financial fixed assets - 1 484 720 - 431 284 - 2 280 147 19 084 - 1 895 393 Loans to portfolio companies - 76 747 - 281 886 - 725 993 - 781 886 - 980 535 Cash flow from investing activities - 1 561 467 - 713 170 - 3 006 140 - 762 802 - 2 875 928 Financing activities Rights issue 6 729 870 1 206 900 12 034 873 2 261 299 12 659 160 Cash flow from financing activities 6 729 870 1 206 900 12 034 873 2 261 299 12 659 160 Cash flow for the period - 412 903 252 722 730 742 - 542 140 - 745 460 Cash and cash equivalents at the beginning of the period 1 389 727 232 169 245 995 1 109 436 1 109 436 Exchange rate difference in cash and cash equivalents 501 0 588 - 82 406 - 117 981 Cash and cash equivalents at the end of the period 977 325 484 890 977 325 484 890 245 994
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2026Q 2 20 Group Change in Equity Katalysen Overview Portfolio Financials More Share capital Not yet registered share capital Other contri - buted capital Balanced result Total Possession without controlling influence Total Opening balance 2026 - 01 - 01 1 285 338 0 29 175 299 21 523 712 51 982 951 2 140 51 985 089 New shares issues 125 391 5 179 612 5 305 003 5 305 003 Warrants issue 0 0 Transactioncosts from new shares issues 0 0 Balanced result 0 0 Change in ownership 0 0 Result from the period - 1 761 577 - 1 761 577 - 253 - 1 761 830 Equity 2026 - 03 - 31 1 410 729 0 34 354 911 19 668 499 55 434 141 1 887 55 436 026 Opening balance 2026 - 04 - 01 1 410 729 0 34 354 911 19 668 499 55 434 141 1 887 55 436 026 New shares issues 166 757 6 563 113 6 729 870 6 729 870 Warrants issue 0 0 Transactioncosts from new shares issues 0 0 Ongoing shares issues 0 0 Balanced result 0 0 Change in ownership 0 0 Result from the period - 1 858 225 - 1 858 225 - 145 - 1 858 370 Equity 2026 - 06 - 30 1 577 486 0 40 918 024 17 810 274 60 309 104 1 742 60 310 844
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2026Q 2 Financial Statements: Parent Parent refers to Katalysen Ventures AB (publ), Group includes the Parent’s subsidiaries.
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2026Q 2 Parent Income Statement 22 Katalysen Overview Portfolio Financials More SEK Q2 2026 Q2 2025 H1 2026 H1 2025 2025 Length of period 3m 3m 6m 6m 12m Net sales 409 014 685 355 1 444 274 685 355 1 647 246 Capitalised production costs 0 0 0 0 0 Other operating income 81 258 120 000 201 888 240 003 487 161 490 272 805 355 1 646 162 925 358 2 134 406 Operating expenses Other external expenses - 1 373 883 - 1 020 488 - 2 541 167 - 2 321 391 - 7 305 692 Personnel costs - 1 248 536 - 967 936 - 2 537 145 - 1 725 186 - 3 970 556 Depreciation and write - downs of tangible and intangible fixed assets - 11 907 - 11 907 - 23 814 - 23 814 - 47 625 Impairment of current assets in addition to normal impairment losses 0 0 0 0 0 Other operating expenses 0 0 0 - 1 018 - 1 414 - 2 634 326 - 2 000 331 - 5 102 127 - 4 071 409 - 11 325 287 Operating profit - 2 144 054 - 1 194 976 - 3 455 965 - 3 146 051 - 9 190 880 Profit from financial items Result from Group Companies 0 0 0 0 0 Profit from other securities and receivables that are fixed assets 270 857 - 621 131 - 143 605 - 4 174 568 - 11 474 499 Other interest income and similar items 24 337 2 319 60 654 29 053 86 304 Interest expenses and similar income items 0 - 10 849 - 26 904 - 11 120 - 15 262 295 194 - 629 661 - 109 855 - 4 156 635 - 11 403 457 Result after financial items - 1 848 860 - 1 824 637 - 3 565 820 - 7 302 686 - 20 594 337 Year - end appropriations 0 0 - 1 0 0 Profit before tax - 1 848 860 - 1 824 637 - 3 565 821 - 7 302 686 - 20 594 337 Tax on profit for the period 0 0 - 1 0 0 Results for the period - 1 848 860 - 1 824 637 - 3 565 822 - 7 302 686 - 20 594 337
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2026Q 2 Parent Balance Sheet 23 Katalysen Overview Portfolio Financials More ASSETS 2026 - 06 - 30 2025 - 06 - 30 2025 - 12 - 31 Subscribed but unpaid capital 0 0 0 Fixed assets Intangible fixed assets Capitalized expenses for development work and similar work 0 0 0 0 0 0 Tangible fixed assets Equipment, tools and installations 311 566 359 191 335 380 311 566 359 191 335 380 Financial assets Shares in group companies 421 800 421 800 421 800 Receivables from group companies 1 361 571 1 185 034 1 197 963 Participations in associated companies and jointly controlled companies 13 067 785 10 619 518 11 178 815 Receivables from associated companies and jointly controlled companies 0 0 0 Other long - term securities 37 711 489 41 803 944 36 550 502 Other long - term receivables 600 000 600 000 600 000 53 162 645 54 630 296 49 949 080 Total fixed assets 53 474 211 54 989 487 50 284 460 Current assets Receivables Accounts receivable 2 810 438 1 126 659 1 430 404 Receivables from group companies 0 0 0 Claims on related parties 1 735 244 948 897 1 985 092 Current tax assets 440 470 321 680 361 950 Other receivables 3 469 186 938 004 839 960 Prepayments and accrued income 211 529 264 577 224 787 8 666 866 3 599 817 4 842 193 Cash and bank balances 955 485 463 587 193 363 Total current assets 9 622 351 4 063 404 5 035 556 TOTAL ASSETS 63 096 563 59 052 891 55 320 016 EQUITY AND LIABILITIES 2026 - 06 - 30 2025 - 06 - 30 2025 - 12 - 31 Equity Restricted equity Share capital 1 577 486 1 066 753 1 285 338 Unregistered share capital 0 0 0 1 577 486 1 066 753 1 285 338 Unrestricted equity 60 030 482 55 066 636 51 954 260 Total equity 61 607 968 56 133 388 53 239 598 Long - term liabilities Total long - term liabilities 0 0 0 Current liabilities Accounts payable 94 022 1 334 056 526 088 Other debts 627 293 923 672 721 212 Accrued expenses and prepaid income 767 279 661 775 833 118 Total short - term liabilities 1 488 594 2 919 503 2 080 418 TOTAL EQUITY AND LIABILITIES 63 096 563 59 052 891 55 320 016
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2026Q 2 24 Parent Cash Flow Statement Katalysen Overview Portfolio Financials More SEK 2026 - 04 - 01 2026 - 06 - 30 2025 - 04 - 01 2025 - 06 - 30 2026 - 01 - 01 2026 - 06 - 30 2025 - 01 - 01 2025 - 06 - 30 2025 - 01 - 01 2025 - 12 - 31 Length of period 3m 3m 6m 6m 12m The day - to - day operations Profit after financial items - 1 848 860 - 1 824 637 - 3 565 820 - 7 302 686 - 20 594 337 Adjustments for items that are not included in cash flow - 3 023 993 2 040 912 - 2 701 709 5 949 648 12 777 468 Paid tax Cash flow from operating activities before changes in working capital - 4 872 853 216 275 - 6 267 529 - 1 353 038 - 7 816 870 Cash flow from changes in working capital Change in accounts receivable - 409 013 - 735 350 - 1 435 233 - 735 350 - 1 005 920 Change in current receivables - 121 379 129 923 - 50 492 38 104 43 477 Change in accounts payable - 159 054 141 840 - 433 832 - 41 194 - 847 396 Change in current liabilities - 33 945 - 5 728 - 79 525 - 43 801 - 1 035 676 Cash flow from operating activities - 5 596 244 - 253 039 - 8 266 611 - 2 135 279 - 10 662 385 Investment activities Investments in tangible fixed assets 0 0 0 0 0 Investments in intangible fixed assets 0 0 0 0 0 Investments in financial fixed assets - 1 484 720 - 431 284 - 2 280 147 19 084 - 1 895 393 Loans to portfolio companies - 76 747 - 260 483 - 725 993 - 760 483 - 986 985 Cash flow from investing activities - 1 561 467 - 691 767 - 3 006 140 - 741 398 - 2 882 378 Financing activities Rights issue 6 729 870 1 206 900 12 034 873 2 261 299 12 659 160 Cash flow from financing activities 6 729 870 1 206 900 12 034 873 2 261 299 12 659 160 Cash flow for the period - 427 841 262 094 762 122 - 615 379 - 885 603 Cash and cash equivalents at the beginning of the period 1 383 326 201 493 1 576 689 1 078 966 1 078 966 Exchange rate difference in cash and cash equivalents 0 0 0 0 0 Cash and cash equivalents at the end of the period 955 485 463 587 2 338 811 463 587 193 363
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2026Q 2 25 Parent Change in Equity Katalysen Overview Portfolio Financials More Share capital Not yet registered share capital Other contributed capital Balanced result Total Opening balance 2026 - 01 - 01 1 285 338 0 29 175 299 22 678 278 53 138 915 New shares issues 125 391 5 179 612 5 305 003 Warrants issue 0 Ongoing shares issues 0 Balanced result 0 Result from the period - 1 716 960 - 1 716 960 Equity 2026 - 03 - 31 1 410 729 0 34 354 911 20 961 318 56 726 958 Opening balance 2026 - 04 - 01 1 410 729 0 34 354 911 20 961 318 56 726 958 New shares issues 166 757 6 563 113 6 729 870 Warrants issue 0 Ongoing shares issues 0 Balanced result 0 Result from the period - 1 848 860 - 1 848 860 Equity 2026 - 06 - 30 1 577 486 0 40 918 024 19 112 458 61 607 968
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2026Q 2 Comments on the Financials 1. Turnover and profit Group Parent • The Group net revenue was 0.4 (25Q2: 0.7) MSEK for the second quarter. • Operating profit declined to - 2.1 MSEK (25Q2: - 1.2 MSEK), mainly driven by lower revenue and higher operating expenses compared with the same period last year. • The result for the period amounted to - 1.9 MSEK (25Q2: - 1,9 MSEK), the result for the group was in line with the same period last year explained by lower write downs and higher profits from asset sales during the quarter. • Katalysen Ventures recorded net revenue of 0.4 MSEK (25Q2: 0.7) for the second quarter of the year. • Operating profit declined to - 2.1 MSEK (25Q2: - 1.2 MSEK), mainly driven by lower revenue and higher operating expenses compared to the same period last year. • The result after financial items amounted to - 1.8 MSEK (25Q2: - 1.8 MSEK), the result was in line with the same period last year explained by lower write downs and higher profits from asset sales during the quarter. 2. Assets Group Parent • During the quarter, the Group made net investments of 1.5 MSEK (25Q2: 0.4 MSEK) in the existing portfolio, and extended loans to portfolio companies amounting to 0.1 MSEK (25Q2: 0.3 MSEK). • Financial items include write - downs of 0.0 MSEK (25Q2: - 0.6 MSEK). • During the quarter, Katalysen Ventures made net investments of 1.5 MSEK (25Q2: 0.4 MSEK) allocated to the existing portfolio. • Loans of 0.1 MSEK (25Q2: 0.3 MSEK) were also provided within the existing portfolio. • The company recognized no write - downs during the quarter (25Q2: - 0.6 MSEK). 26 Katalysen Overview Portfolio Financials More
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2026Q 2 3. Equity and liabilities Group Parent • As of June 30 th , the consolidated equity amounted to 60.3 (25Q2: 54.5) MSEK. • Long - term liabilities in the group amounts to 0.1 (25Q2: 0.1) MSEK. The solidity is 96,7% (25Q2: 92.9%). • As of June 30 th , the parent company equity amounted to 61.6 MSEK (25Q5: 56.1 MSEK). • The solidity is 97.6%, which is slightly higher compared to the same period last year (25Q2: 95.1%). • Capital structure and net indebtedness : The company continues to operate debt - free and is fully equity - financed, with no interest - bearing long - term liabilities. 4. Cash flow Group Parent • At the end of the second quarter, cash and cash equivalents stood at 1.4 MSEK (25Q4: 0.2 MSEK). • Cash flow from operating activities was - 5.5 MSEK (25Q2: - 0.2 MSEK), from investing activities - 1.5 MSEK (25Q2: - 0.7 MSEK), and from financing activities 6,7 MSEK (25Q2: 1.2 MSEK). • The parent company closed the quarter with cash and cash equivalents of 1.4 MSEK (25Q2: 0.2 MSEK). • Operating cash flow was - 5.6 MSEK (25Q2: - 0.2 MSEK), from investing activities - 1.6 MSEK (25Q2: - 0.7 MSEK), and from financing activities 6.7 MSEK (25Q2: 1.2 MSEK). 27 Comments on the Financials (continued) Katalysen Overview Portfolio Financials More
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2026Q 2 More Information
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2026Q 2 Note on portfolio valuations 29 Katalysen is committed to adopting best practices in valuing early - stage private capital investments, aligning with the International Private Equity and Venture Capital Valuation (IPEV) Guidelines. Therefore, commencing Jan. 1, 2024, the following adjustments are being instituted in Katalysen's portfolio valuation approach: • Portfolio valuations are executed using a professional asset valuation platform (Leonh). • Previously, individual portfolio holdings were appraised using a single valuation model per holding. • The value of an individual portfolio holding is now assessed using a combination of valuation models, from which an average value is calculated. • This combination of models always includes the most recent observable price from a relevant transaction. • Furthermore, this combination always includes at least two models, and frequently more. • In addition to the most recent observable price from a relevant transaction, employed models include DCF - analysis when reliable revenue traction is available, peer comparison using sector multiples, peer comparison using typical market pricing of similar ventures in similar markets, development since the most recent observable price, and more. Summarized valuation principles: • The primary objective of the valuation is to ascertain the fair value of an investment, defined as the price that would be received in an orderly transaction between market participants at the measurement date, reflecting prevailing market conditions. • The evaluation of the fair value of each investment is performed at the end of each quarter. • Techniques employed for determining fair value consider the unique nature, facts, and circumstances surrounding the investment, incorporating reasonable current market data and inputs, along with market participant assumptions. • Due to inherent uncertainties in estimating fair value for early - stage investments, exercising judgment and making necessary estimates should be approached with care. • While caution is warranted, IPEV Guidelines advise against applying excessive caution and instead recommend considering information that is known or knowable as of the measurement date, ensuring a comprehensive and well - informed valuation process. For further information on the IPEV Guidelines, please visit www.privateequityvaluation.com . Notes & Definitions Katalysen Overview Portfolio Financials More
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2026Q 2 Note on the Venture Targeter Framework (VTF) 30 The Venture Targeter Framework (“VTF” or “VT”) is a tool in Katalysen’s investment toolbox, enabling an additional approach for structuring investments and venture development project s together with other investors. • Emphasis on making fewer, but more carefully structured investments, often focused on removing barriers to growth, particularly in connection with so - called “special situations”. • Creation of a Special Purpose Vehicle ("SPV") for each investment opportunity. • Katalysen facilitates the pooling of cash, expertise, and network into the SPV. • Investment by the SPV into the target venture, potentially alongside other third - party co - investors. • Short - term focus on the SPV’s role in restructuring and revitalizing the invested venture, with long - term provision of resources necessary for the venture’s growth (clients, investors, advisors, etc.) Note on potential dilution Portfolio company QuTEM , a major holding, has raised funding during 2024 through convertibles. If some of these convertibles are converted into shares, it will increase the total number of shares in QuTEM and reduce Katalysen’s percentage ownership in the company. The potential dilution effect on Katalysen’s ownership is currently estimated at between 0% and 20%. Financial definitions Net sales: Invoiced costs, side income and income corrections. Net sales do not include non - invoiced value generated from sales. Note that Katalysen Venture s’ business model is to acquire, develop, and sell assets (shares in ventures). Profit after financial items: Profit, financial income and expenses, before appropriations and taxes. Solidity (%): Adjusted equity (equity and untaxed reserves less deferred tax) as percentage of total assets. Parent: Katalysen Ventures AB (publ) Group: Parent and the Parent’s subsidiaries. Katalysen Overview Portfolio Financials More
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2026Q 2 More Information Financial calendar Published by Katalysen Ventures’ Board of Directors Stockholm, 2026 - 08 - 18. Note that this report has not been subject to review by the company’s auditors. For more information Contact Anders Dahlgren (CEO) at ad@katalysen.com or Peter Almberg (Chairman) at pa@katalysen.com Katalysen Ventures AB (publ) Birger Jarlsgatan 22 114 34, Stockholm Sweden 31 Katalysen Overview Portfolio Financials More 2026 Q3 2026 - 11 - 17 2026 Q4 2027 - 02 - 23
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2026Q 2 Katalysen Ventures AB (publ)