Weekly Wrap-Up 15 May 2026
Here is the most important news from the unlisted companies on Eqvor's platform from the past week. Annual reports and quarterly reports dominate — and the common theme is growth in different stages and forms.
Netlight — Annual report 2025
Full year 2025 vs 2024
| Revenue | 2,982 MSEK +4% |
| EBITDA | 495 MSEK +4% |
| EBITDA margin | 16.6% |
| Interest-bearing liabilities | 1,332 MSEK -20% |
| Equity ratio | 64.0% |
| Employees | 2,221 +9% |
| Proposed dividend | 887 MSEK |
The consultancy Netlight reports revenue of 2,982 MSEK for 2025, growth of 4%. EBITDA came in at 495 MSEK with a margin of 16.6%. The number of employees rose 9% to 2,221, and the company opened three new offices during the year: Madrid, Gothenburg and Toronto — 15 offices in 10 countries in total. The board proposes a dividend of 887 MSEK.
Stable growth and controlled international expansion. Interest-bearing liabilities fell by 20% and the equity ratio stands at 64%. Margins are holding up despite a broader consulting market in transition.
Go to the Netlight share →Mentimeter — Q1 2026: Growth despite currency headwinds
Q1 2026 vs Q1 2025
| Net sales | 152 MSEK +15% CC |
| Enterprise net added ARR | 8.7 MSEK +21% |
| Self-service net added ARR | 8.4 MSEK +12% |
| EBIT | -2 MSEK (improved from -5) |
| Proposed dividend | SEK 0.90/share (~70 MSEK) |
Mentimeter reports net sales of 152 MSEK for Q1 2026 — growth of 15% in constant currency, but 6% as reported in SEK after an 11 per cent fall in USD/SEK. Net added ARR is accelerating in both segments: Enterprise +21% and Self-service +12%. The board proposes a one-off dividend of SEK 0.90 per share, equivalent to around 70 MSEK.
The underlying business is accelerating in both segments. The currency headwind has probably peaked — Q1 2026 was the last quarter with a full negative comparison effect from the weaker dollar. The strategic shift towards an engagement suite with an AI-driven insight engine is rolling out in beta during May–June.
Go to the Mentimeter share →Stegra — EUR 1.5 billion in credit facilities released
The steel company Stegra has agreed with its creditors to release around EUR 1.5 billion in undrawn credit facilities. The news was reported by Bloomberg News.
The capital is earmarked for completing the green steelworks in Boden. The agreement falling into place strengthens the picture of a more stable financing structure going forward.
Go to the Stegra share →Doktor.se — Strongest quarter since its founding
Q1 2026
| Revenue | 470 MSEK ~5% above budget |
| EBITDA (IFRS) | 46 MSEK ~30% above plan |
| Vaccination | 65 MSEK +79% |
| In-person care growth | +9% |
| In-person care operating margin | 17% (13%) |
| Germany revenue growth | +44% |
| Cash position | 450 MSEK |
Q1 2026 was Doktor.se's strongest quarter since the company was founded. Group revenue came in at 470 MSEK, around 5% above budget. EBITDA on an IFRS basis amounted to 46 MSEK — almost 30% above plan. Vaccination revenue grew 79% to 65 MSEK and the German business increased its revenue by 44%.
All segments are delivering. In-person care in Sweden increased its margin from 13 to 17%, and the greenfield clinics showed 26% organic growth. The group is cash flow positive with 450 MSEK in cash.
Go to the Doktor.se share →Voi — Lime's IPO speeds up the listing discussion
On 8 May, the competitor Lime filed its S-1 with the SEC for a Nasdaq listing with a target valuation of around USD 2 billion. This puts the focus on Voi's own listing plans. Pareto Securities believes that Lime's IPO increases the likelihood of a Voi listing in the short term — both by establishing a public reference point for valuation in the micromobility sector and by validating investor interest in the business model.
Separately, rumours spread that Uber would acquire Voi for more than SEK 11 billion. Voi's CFO Mathias Hermansson denied the reports.
Go to the Voi share →Kaunis Iron — Annual and sustainability report 2025
Full year 2025 vs 2024
| Net sales | 1,770 MSEK (1,805) -2% |
| Profit after financial items | -813 MSEK (-150) |
| of which impairment | 536 MSEK |
| Cash flow from operating activities | +222 MSEK (-228) |
| Cash and cash equivalents | 463 MSEK (414) |
| Equity ratio | 77.0% (76.9%) |
| Production | 1,900 kt (1,924) |
Kaunis Iron publishes its annual and sustainability report for 2025. Net sales came in at 1,770 MSEK, a decrease of 2% compared with the previous year. The result is weighed down by a one-off impairment of 536 MSEK linked to previously capitalised costs for waste rock mining. Despite the negative result, cash flow from operating activities turned positive at +222 MSEK.
With the environmental permit that became legally binding in February 2026 and a positive operating cash flow, the focus is now on setting the strategic direction for future mining operations.
Go to the Kaunis Iron share →Hasko Invest — Ekulf acquires Dtales ApS
Hasko Invest's subsidiary Ekulf AB is acquiring 100% of the Danish company Dtales ApS, founded in 2003 and specialising in private label oral hygiene products with sales in more than ten countries. The founder Eva Apesland continues as CEO. Carlsquare acted as financial adviser to Dtales.
The acquisition strengthens Ekulf's position as a leading Nordic supplier of oral and dental hygiene products and broadens the product portfolio with its own brands.
Go to the Hasko Invest share →Storsala — Acquires in Vinsta-Johannelund
Storsala is acquiring a commercial property with light industry, retail and offices in Vinsta, in the City of Stockholm. The property comprises 2,675 sq m of lettable area on a 3,225 sq m plot, located around 500 metres from Johannelund underground station. The agreement was signed on 30 April with a planned takeover on 12 June.
The acquisition is in line with Storsala's strategy of investing in urban development areas with ongoing infrastructure investment.
Go to the Storsala share →Aira — Capital Markets Day 26 May
Aira invites you to its Capital Markets Day on 26 May at Hotel At Six in Stockholm.
Go to the Aira share →This week's Eqvor news
Eqvor lists four US unlisted companies
From 13 May, Swedish investors can trade shares in Anthropic, Anduril, Apptronik and Perplexity via Eqvor's platform — the first US unlisted companies on the platform. The investment is made through SPV structures. Read the interview with Filip in Breakit →
Eqvor in Dagens Industri
Cissi Nilsson, Brand & Communications Manager at Eqvor, published the opinion piece ”Glöm IPO-torkan — en sluten marknad öppnas upp” (Forget the IPO drought — a closed market is opening up) in Dagens Industri on 12 May — an article arguing that the unlisted market is undergoing a structural change, not just volume growth. Read the article in DI →
