KPIs at End of Period:

General Financial KPIs:

*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 outstanding shares

***The company operates debt-free and is fully equity-financed, with no interest-bearing liabilities.

Important events during the period:

• 2026-04-02 Katalysen published annual report for 2025: Katalysen published its annual report for 2025, available in full on the company’s website.
• 04-24 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 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.
• 05-18 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.
• 05-19 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.
• 05-27 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.
• 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:

• 2026-07-02 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.

Report from CEO Anders Dahlgren:

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. 

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 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 18-08-2026 07:13 CET.

For more information on Katalysen Ventures, please contact:
CEO Anders Dahlgren
E-mail: ad@katalysen.com
Web: www.katalysen.com