FLAT-BNasdaq StockholmAsset ManagementIFRS · SEK

Flat Capital

Flat Capital AB is a Swedish investment company that makes long-term equity investments in entrepreneur-led businesses and selected listed holdings. Its model is built around a permanent capital structure, allowing it to hold investments without a fixed fund life and to support companies as a passive or active owner.

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Operating profit (EBIT)-2,290m SEK
−2,343.8 %y/y
Net income-2,290m SEK
−2,221.8 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-2,500-2,000-1,500-1,000-5000500m SEK2021: EBIT 75 m SEK20212022: EBIT -72 m SEK20222023: EBIT -86 m SEK20232024: EBIT 102 m SEK20242025: EBIT -2,290 m SEK2025-2,290
RevenueOperating profit (EBIT)
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Business

Share of revenue
Private company investments60 %

Equity stakes in unlisted entrepreneur-led companies, often held for the long term.

Listed equity investments25 %

Holdings in publicly traded companies valued at fair value through profit or loss.

Follow-on financing support10 %

Additional capital provided to existing portfolio companies in later funding rounds.

Other financial assets5 %

Cash, receivables, and other balance-sheet assets supporting the investment platform.

Customers

Flat does not sell products to end consumers; its counterparties are entrepreneurs, founders, and companies seeking long-term capital. It also invests alongside other shareholders and may participate in both private and public market opportunities when it believes the investment fits its long-term mandate.

Entrepreneur-led private companies

Founders and private businesses that want long-term capital without the constraints of a fixed-life fund.

Listed equity opportunities

Public companies where Flat can take minority stakes as part of its broader investment mandate.

Existing portfolio companies

Current holdings that may receive additional capital in new financing rounds.

Investment network counterparties

Entrepreneurs and investors in Flat’s network that generate deal flow and co-investment access.

Strategy

Flat’s strategy is to back entrepreneur-led companies with genuinely long-term capital and to avoid the short holding periods typical of fund structures. It seeks attractive opportunities through its founder and investor network, while maintaining flexibility to invest in private or listed assets and to support portfolio companies over time.

Long-term ownership modelLong term

A permanent capital structure lets Flat hold investments through multiple cycles.

Network-driven deal sourcingMedium term

Access to world-leading investors and entrepreneurs improves access to hard-to-reach opportunities.

Balanced portfolio constructionMedium term

Diversification helps reduce dependence on any single holding or financing round.

Geography

Flat is headquartered in Sweden and reports under Swedish and EU IFRS frameworks. Its investments are sourced through a global network of entrepreneurs and investors, so the business is not tied to a single operating geography even though the company itself is Sweden-based.

Risks

Flat is exposed to concentration risk because its value can depend heavily on a limited number of portfolio companies. It also faces valuation, market, liquidity, and key-person risks, since the business relies on fair-value estimates, equity markets, and a very small management team with access to a founder network.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Concentration risk1Valuation risk2Key-person dependence3Liquidity risk4Geopolitical and macro spillover5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Concentration riskImpact: HighLikelihood: Medium

    A few holdings can drive a large share of NAV and performance.

    Exposure: Portfolio companies

  2. Valuation riskImpact: HighLikelihood: Medium

    Unlisted holdings are measured at fair value using estimates and assumptions.

    Exposure: Level 3 investments

  3. Key-person dependenceImpact: HighLikelihood: Medium

    The company has only two full-time executives and relies on founder access to deal flow.

    Exposure: Management and network access

  4. Liquidity riskImpact: MediumLikelihood: Medium

    Equity stakes in private companies may be difficult to exit quickly.

    Exposure: Unlisted holdings

  5. Geopolitical and macro spilloverImpact: MediumLikelihood: Medium

    Global unrest and trade friction can affect portfolio company demand and valuations indirectly.

    Exposure: Indirect portfolio exposure

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Accounting

Judgemental items
Fair value measurement of unlisted holdings

Estimated valuations can differ from realized exit values and materially affect NAV.

Impact: Reported earnings and equity

Level 1/2/3 classification

The mix of observable and unobservable inputs affects valuation reliability.

Impact: Disclosure quality and volatility

Net Asset Value reporting

NAV is a central performance measure for an investment company and includes estimated fair values.

Impact: Investor assessment of intrinsic value

Tax on unrealized value changes

Deferred and current tax effects can differ from accounting gains and losses.

Impact: Net income and equity

Share-based incentive accounting

Warrants and social security contributions require ongoing measurement and expense recognition.

Impact: Operating expenses and equity

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Last updated: 24/09/2026