Over the past several years, Katalysen has worked deliberately to develop its core holdings through active ownership, close operational support, and a consistent focus on scalable and sustainable business models. Despite challenging market conditions, this approach has delivered tangible results. Several portfolio companies have now reached a level of maturity where entirely new growth paths and exit strategies have become possible.

Entering 2025, Katalysen formalised six key strategic targets for the year. As we now close the year, we can conclude that five out of six targets have been successfully achieved.

1. Our primary objective was to increase Net Asset Value in our core investments, this has primarily been achieved through continued operational progress in these companies. During Q4, Valega and InvitePeople in particular stands out for their individual contributions to the portfolio’s value increase.
    
2. During the year, two new Venture Targeter transactions were structured and completed. In addition to Valega, Alternativa AB was added to the portfolio, further strengthening our strategic positioning.
    
3. As several core holdings have continued to grow and mature, the need for hands-on support has increased. To meet this demand, we have expanded our team, experience, and network during the second half of the year, enhancing our ability to support portfolio companies going forward.
    
4. Another important objective was to expand our shareholder base and improve liquidity in Katalysen’s shares. This effort has been successful, and by year-end we expect to have added more than 4,000 new shareholders.
    
5. We also set out to strengthen our investor relations efforts. Through a new website, more frequent communication, and the establishment of the Enablers Club, we have taken meaningful steps to improve transparency and engagement with the market.
    
6. The one target not fully achieved during the year was the execution of a larger exit. Instead, we completed smaller partial exits through asset sales. However, exit preparation has remained a key focus area, resulting in several core investments now being exit-ready. 

In summary, the year has marked a clear step forward for Katalysen. We enter the coming years with a more mature portfolio, stronger operational capabilities, and an increasingly attractive platform for long-term value creation.

Key Targets for 2026

• Further strengthen Investor Relations by actively engaging with and supporting our expanded shareholder base of more than 4,500 shareholders. We will contiune our work with expanding our shareholder base.
   
• Finalize two new Venture Targeter cases, further strengthening the portfolio and long-term value creation.
   
• Increase Net Asset Value targeting approximately SEK 280 million (Q3 2025: SEK 141 million), driven by increased value in existing portfolio, new Venture Targeter cases, and/or, if required, strategic acquisitions.
   
• Execute exits, aiming to complete two exits and partial exits during the year.

Core Investments Showing Clear Progress

During the final quarter of the year, two core investments in particular gained strong momentum, which has a very positive impact on the Net Asset Value which was 141MSEK end of Q3. We believe this positive development will continue, driven by strong momentum across all our core investments.

InvitePeople has matured into an established software platform with infrastructure-like characteristics in the meetings and events ecosystem. Increased recurring revenues and deeper customer integration have enabled new strategic collaborations with leading global players, supporting continued growth.

Valega continues to strengthen its position in compliance, intelligence, and analytics for digital assets. With one of the world’s largest crypto databases, Valega is attracting increasing interest from established international companies, positioning it as a key partner in this emerging market.

QuTEM and S4DX have reached important maturity milestones and are progressing according to plan, serving major pharmaceutical and healthcare providers.

New Opportunities and Continued Development

In addition to the continued progress within the existing portfolio, Katalysen is currently engaged in discussions regarding several new cases and is also seeing renewed positive momentum in a larger Nordic opportunity that the company has been developing over an extended period. We look forward to sharing further details on these initiatives in the near future.

With the extended team in place, Katalysen now has the capacity required to deliver on our 2026 targets.

Looking Forward to 2026

Together with my fantastic team, we would like to extend our sincere thanks to both new and existing shareholders and investors, as well as to our partners, portfolio companies, advisors, and all others who follow and support the Katalysen journey. Your trust is highly valued.

As we enter 2026, we do so with increased confidence, built on a stronger portfolio, enhanced capabilities, and solid fundamentals. We wish you all a restful holiday season and look forward to a prosperous 2026! Merry Christmas and Happy New Year!

Best Wishes,

Anders Dahlgren,
CEO, Katalysen Ventures

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