Press release from Companies
Publicerat: 2026-02-17 08:13:19
Katalysen Ventures AB (publ) hereby publishes the report for the Fourth Quarter 2025. The full report is available immediately as an attached document, and on the company''s website (www.katalysen.com). Below is a summary of the report.
KPIs at End of Period:
| Est. Portfolio Market Value | This Period | Last Period | % Change |
| Total | 139 SEKm | 141 SEKm | -1.4% |
| Core Investments | 104 SEKm | 99 SEKm | +5.1% |
| Core Investments % of Total Portfolio | 75% | 70% | |
| 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 | 25% | |
General Financial KPIs:
| Group* (SEK thousand) | Q4 2025 | Q4 2024 | 2025 | 2024 |
| Net sales | 573 | 0 | 1 647 | 406 |
| Profit after financial items | -11 303 | -9 339 | -20 186 | -18 863 |
| Balance sheet total | 54 787 | 64 289 | 54 787 | 64 289 |
| Solidity, % | 94,9% | 93% | 94,9% | 93,4% |
| Earnings per share | -1,14 | -1,17 | -2,04 | -2,37 |
| Number of outstanding shares | 9 887 218 | 7 954 025 | 9 887 218 | 7 954 025 |
| Parent* (SEK thousand) | Q4 2025 | Q4 2024 | 2025 | 2024 |
| Net sales | 573 | 0 | 1 647 | 406 |
| Profit after financial items | -11 285 | -8 466 | -20 594 | -16 727 |
| Balance sheet total | 55 320 | 63 610 | 55 320 | 63 610 |
| Solidity, % | 96,2% | 96,2% | 96,2% | 96,2% |
| Earnings per share | -1,14 | -1,06 | -2,08 | -2,10 |
| Number of outstanding shares | 9 887 218 | 7 954 025 | 9 887 218 | 7 954 025 |
Important events during the period:
|
10-17: Katalysen announced its existing holding in S4DX as its fourth core investment. Munich-based medtech company S4DX, in which Katalysen is a long-term strategic partner, has launched its first UK pilot as part of a broader European expansion. The company provides CE-approved hybrid software and hardware solutions that deliver full traceability and evidence-based control in the pre-analytical phase of blood diagnostics (now adopted by major hospital trusts and global IVD partners such as Beckman Coulter, Roche, and Siemens Healthineers), positioning S4DX at the forefront of a global push for quality, transparency, and digital traceability in laboratory medicine. |
|
10-20: Katalysen announced that the Company’s Board of Directors had resolved to carry out a directed share issue of 493’615 new shares at a subscription price of SEK 6 per share corresponding to a discount of approximately 10.04% compared to the VWAP during the period from 15th of September to 20th of October, which amounted to SEK 6,67. Through the directed share issue, Katalysen will receive proceeds amounting to approximately SEK 3.0 million before transaction costs. Total transaction costs are estimated at SEK 30’000. |
|
10-27: Katalysen announced its existing holding in VALEGA as its fifth core investment. Helsinki-based data-analytics company VALEGA, in which Katalysen holds over 20%, is emerging as a leader in digital asset compliance. The company serves major financial institutions, advisory firms, and law enforcement agencies across Europe, North America, and Asia with a proprietary data infrastructure unifying transaction monitoring, risk intelligence, forensics, and reporting. VALEGA is positioned at the forefront of the global shift toward regulated, institutional digital finance under frameworks such as MiCA and US Treasury guidance, with revenues doubling annually and expansion accelerating across the UK, Germany, and North America. |
|
11-14: Katalysen published a communique from the EGM of November 13. The Meeting resolved to approve the proposal in accordance with the Board’s recommendation. The authorisation permits the Board, with or without preferential rights for existing shareholders, to resolve on the issuance of shares, warrants or convertible instruments to the extent set out in the presented proposal. |
|
11-17: Katalysen announced the launch of a new website with an added emphasis on Investor Relations, available at www.katalysen.com. |
|
11-18: Katalysen published the report for 2025 Q3. |
|
11-21: Katalysen announced a strategic collaboration with Dividend Sweden to broaden the Company`s shareholder base and strengthen investor relations. This initiative supports Katalysen’s long-term strategy to increase transparency, widen market reach, and reinforce its position as a leading collaborative investment partner. Through this initiative, the company’s shareholder base is expected to grow from roughly 300 to over 4,000 shareholders. See 11-27 below for more information. |
|
11-27: Katalysen announced the completion of a directed share issue of 277,777 new shares at a subscription price of SEK 9 per share with Dividend Sweden. The subscription price represents a premium of approximately 33% compared to the volume-weighted average price (VWAP) of Katalysen’s share during the period 10–21 November 2025. Through the directed share issue, Katalysen’s share capital will increase by SEK 36,111.01, with the shares being subscribed for through set-off against invoice. |
| 12-22: Katalysen CEO Anders Dahlgren published a year-end update. The full text is available on the Company`s website, www.katalysen.com. |
Important events after 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 1st of December 2025 to 5th of 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 helping MainlyAI achieve a number of operational and commercial milestones. As these milestones are reached, Katalysen's ownership will reach 21%. Katalysen has identified a clear and growing problem in the market: many companies want to use AI, but struggle to do so in practice. It is often unclear how AI should be connected to a company’s existing systems, how it should operate in daily workflows, and how responsibility for deployed solutions should be managed. MainlyAI addresses this problem by building the technical foundation that allows AI to be used inside organizations in a practical and controlled way. The platform can be seen as a bridge between AI services that generate user-facing functionality and a company’s own internal systems, enabling AI to move from experimentation into real operations. |
Report from CEO Anders Dahlgren
In the previous quarterly report, we described how Katalysen has continued to focus on building long-term portfolio value through active ownership and a more defined strategic investment approach. During the fourth quarter, we can conclude that this direction not only remains sound, but has proven to be instrumental to the Company’s value creation.
During the fourth quarter, the portfolio’s core investments increased in value by 5.1% and now represent approximately 75% of total portfolio value. At the same time, total portfolio value declined by 1.4%, driven by revaluations in smaller holdings. At the core investment level, we are seeing encouraging development in InvitePeople, S4DX and Valega Chain Analytics, supported by material commercial contracts that are expected to materially impact valuations. This shift reflects a continued strengthening of portfolio quality and confirms the strategic direction established through the Venture Targeter model.
It has now been just over two years since Katalysen implemented its current business model. In summary, this has been a strategically important step with significant positive impact on the Company. Through five transactions executed under this model, we have created approximately SEK 70 million in new portfolio value. This value creation attributable to the current business model today represents around 55 percent of the Company’s total portfolio value.
The core principle of our model is to focus on fewer but larger and more value-critical problems in more mature companies. In these transactions, we always collaborate with experienced hands-on experts who work alongside us and company management to implement the concrete solutions. We take an active role and responsibility for solving the identified challenges and we are always compensated for the work performed. Once the underlying problems have been addressed and value has been unlocked, we are in a position to execute partial or full exits in the companies. Through this structured and hands-on approach, we are able to create substantial and lasting value.
During 2025 and early 2026, four additional transactions have been completed under this business model, further strengthening the portfolio and reinforcing our conviction in the scalability and long-term potential of the strategy. We view these transactions as future core investments, with the ambition that they will represent a significant and long-term component of the portfolio as value is progressively unlocked.
At the same time, we have continued to strengthen our organization. Over the year, Katalysen has expanded its team with experienced experts who share our view on active ownership and believe in the model we apply. Through aligned interests and incentive structures, we are able to generate significant value at minimal and in some cases no cost to Katalysen, which represents an important competitive advantage.
During the quarter, operating expenses increased compared with previous quarters, primarily due to extraordinary, non-recurring costs related to the shareholder distribution initiative carried out in December 2025. In addition, as momentum has built across our
portfolio during 2025 and several transactions have been completed, we have made careful investments in strengthening our team to manage the growing operational demands, resulting in higher personnel costs.
Over the past few years, Katalysen has maintained strong cost discipline in response to an exceptionally turbulent market environment. We now see this period of consolidation gradually giving way to a more offensive phase, where we can increasingly focus on accelerating value creation.
Looking ahead, our primary focus remains on actively advancing the ongoing discussions regarding partial or full exits within the portfolio. We currently have two structured processes ongoing that are progressing according to plan and are intended to lead to exits during 2026. Based on the maturity of these processes, we see a solid opportunity to successfully complete at least one of our larger divestment transactions during the year, which would represent an important step in realizing the values built over the past years.
At the end of the fourth quarter, the Board of Directors also resolved to carry out a shareholder distribution initiative in collaboration with Dividend Sweden. The purpose was to increase market awareness of the Company by adding thousands of new shareholders, a process that has now been completed. The outcome has been fully in line with our expectations: a broader shareholder base with increased awareness of the Company, which has also led to significantly higher trading activity in the share. In addition, several new strategic investors have taken an interest in Katalysen and joined our shareholder base.
Following the end of the fourth quarter, the Company also completed a directed share issue raising an additional SEK 2.5 million. The transaction further strengthened Katalysen’s financial position and included the entry of a new strategic investor into the shareholder base.
In summary, Katalysen enters its next phase with strong momentum in its core portfolio, a proven business model, improved financial performance, a broader shareholder base, and solid conditions for continued value creation. Taking responsibility for solving large, real-world problems has always been the foundation of true value creation and that remains at the core of everything we do.
Yours Sincerely,
Anders Dahlgren
Chief Executive Officer
Katalysen Ventures AB (publ)
This disclosure contains information that Katalysen Ventures AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 17-02-2026 08:13 CET.
For more information on Katalysen Ventures, please contact:
CEO Anders Dahlgren
E-mail: ad@katalysen.com
Web: www.katalysen.com
About Katalysen: Katalysen builds a portfolio of innovation-driven companies. We lead and invest in projects that help owner-managed businesses and investors turn major challenges into opportunities for short- and long-term value creation. We are defined by a highly collaborative approach, a focus on transformative special situations, and bespoke investment structures that ensure alignment of interests for all stakeholders. Since our founding in 2016, we have built a portfolio of 20+ dynamic companies, with a primary focus on B2B technology providers. With offices in Stockholm and Geneva, Katalysen has been publicly listed since 2022.
