CEO Report

The past quarter has been both intense and rewarding. We have initiated and completed several key events that, together, mark an important step forward for Katalysen.From strengthening our portfolio through new Venture Targeter agreements, to supporting existing holdings on their growth journeys, and securing new liquidity, we are moving in the right direction. These milestones not only underline the resilience of our model but also give us confidence as we look ahead to the second half of 2025.

During the quarter, we signed a comprehensive Venture Targeter agreement and increased our stake with VALEGA Chain Analytics, built on the close cooperation that intensified at the end of 2024. We now play an even more active role in turning the company around and implementing a new strategy,which has already delivered results, and VALEGA’s revenues during the first half of 2025 more than doubled compared with the same period in 2024.

After the end of the quarter, two new Venture Targeter transactions were added (Syncro Group and Alternativa) which broadens the portfolio and will contribute to the portfolio value in Q3. This is done without any capital investment, in line with our strategy to create value through expertise, network, and problem solving. Note that these companies are not included in the portfolio valuation at the end of the Q2 period.

Financial development and capitalization

The quarter showed clear progress, with revenues rising to SEK 0.8 million, a 51%increase compared with the same period last year, driven by Venture Targeter agreements signed during the period. At the same time, the operating loss decreased by 45% versus Q2 2024, demonstrating that our efficiency measures are delivering tangible results and strengthening the foundation for continued improvements ahead

We have reduced valuations in four portfolio companies (-69%, -37%, -31%, -18%)due to missed targets, and we made no upward revaluations during the period.Despite this, the estimated portfolio value increased from SEK 131 million to SEK 135 million, mainly thanks to our increased exposure to VALEGA.

During the period, the Board resolved to carry out a rights issue, subscribed to 65%,which added approximately SEK 4.9 million net. This capital strengthens our ability to execute operational initiatives while maintaining flexibility for new business opportunities.

Brief update on the rest of the portfolio

We are currently focusing our efforts more intensively on six portfolio companies where we see the strongest near-term potential and impact. Below is a brief update on three of them.

QuTEM delivered its first profitable quarter, strengthening its position as a global leader in GMP-certified TEM analysis using its proprietary software GRIDSEE tuned for TEM data management, image analysis, and reporting.

S4DX continues its strong growth in digital pre-analytics and is perfectly positioned to benefit from structural shifts as pre-analytics becomes increasingly regulated.

InvitePeople signed its largest contract to date and secured new customers such as the Swedish Association of Local Authorities and Regions, Business Norway, and several others. Expansion in Germany continues successfully.

We enter the second half of 2025 with a stronger and more exit-ready portfolio. Our focus on reaching break-even and executing exits remains firm with high priority, and we see several catalysts for value creation, both through further development of existing holdings and through new VT projects. In this value-creation work, we engage both directly ourselves and through our experienced partners, ensuring that each project benefits from the right expertise and network. In parallel, we are prepared to pursue additional asset sales and partial exits, which we expect to be larger in scale and to further strengthen both our liquidity and our ability to realize the underlying value in the portfolio.

Yours Sincerely,

Anders Dahlgren
Chief Executive Officer
Katalysen Ventures AB (publ)

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Full report: https://drive.google.com/file/d/1U6ICYUxO-AS-C3yG_SgE993tkeVHFw1D/view?usp=share_link.