The week's most important news from the unlisted companies on Eqvor's platform. Q1 reports confirming momentum, capital markets steps, strategic recruitments and a new partnership that broadens access to unlisted shares.
- Voi reports net sales of 178.2 MEUR (+34%) for 2025 — Q1 2026 report on Monday 27 April
- Northmill delivers Q1 2026 with profit +117% and closes its first AT1 bond of 275 MSEK
- Exeger confirms a completed rights issue of 186.3 MSEK, as well as NATO DIANA work and a Tokyo 7-Eleven installation
- Storsala recruits Jonas Sundin as CFO and partner ahead of a possible future stock exchange listing
- Epidemic Sound cuts 150 positions as an adjustment to the AI shift
- Eqvor enters into a partnership with Nordnet and adds Ingrid to the platform
Voi — annual report 2025 and Q1 report announced
Voi published its annual report for 2025. The company reports positive operating cash flow for the year.
| Full year 2025 vs 2024 | 2025 | 2024 | Change |
|---|---|---|---|
| Net sales | 178.2 MEUR | — | +34% |
| Adjusted EBITDA margin | 16.4% | 13.0% | +3.5 pp |
| Net profit | -12.4 MEUR | -23.7 MEUR | improved |
| Cash at year-end | 56.1 MEUR | — | — |
The number of rides increased to 116 million (+55%) and the active fleet to 124,000 vehicles (+34%), spread across more than 130 cities in 12 countries. The Paris contract — 6,000 e-bikes — has been operational since 1 October 2025. The Q1 2026 report will be published on Monday 27 April.
Northmill — Q1 2026 and its first Additional Tier 1 bond
During the week, Northmill published its Q1 2026 report and closed its first Additional Tier 1 bond.
| Q1 2026 vs Q1 2025 | Q1 2026 | Q1 2025 | Change |
|---|---|---|---|
| Operating income | 252 MSEK | 197 MSEK | +28% |
| Net interest income | 225 MSEK | — | +26% |
| Profit before tax | 74 MSEK | — | +68% |
| Profit for the period | 78 MSEK | 36 MSEK | +117% |
| Loan portfolio | 6.0 MDSEK | — | +43% |
| Total assets | 8.8 MDSEK | — | +51% |
| Share of non-performing loans | 7.1% | 8.3% | -1.2 pp |
The B2B segment reported +8 MSEK before tax (-10 MSEK in Q1 2025). Discontinued operations include a one-off gain of 22 MSEK from the Flo divestment.
The Additional Tier 1 bond is issued at 275 MSEK with a margin of 690 basis points over 3M STIBOR. The issue date is 30 April 2026, with an application for listing on Nasdaq Transfer Market within 30 days of the issue date, followed by an application for listing on Nasdaq Stockholm within twelve months.
Exeger — Q1 2026 update and completed rights issue
Exeger's Q1 2026 update confirms that the rights issue was completed in January 2026. A total of 186.3 MSEK has been secured since the second half of 2025. In addition, 130 MSEK has been received in grants from the Swedish Energy Agency (Energimyndigheten) for industrialisation and commercialisation. Giovanni is taking an operational leadership role in go-to-market, and board changes have been decided, with implementation ongoing.
The Smart Retail initiative has completed the Tokyo 7-Eleven installation with VusionGroup, following pilots in Osaka from April to October 2025. Within Smart Worker/Defense, work in the NATO DIANA programme has begun with several product concepts, while the Consumer Electronics track continues in parallel. During the quarter, a self-powered tracking device was also launched with Momax at CES 2026, and retail solutions were demonstrated with VusionGroup at NRF 2026.
The company states that 2026 begins with a clearer commercial direction, a more focused organisation and a stronger financial foundation, with a focus on turning early momentum into scalable recurring business.
Stegra — new production planner in steel production
Stegra introduces Niklas Malmström, production planner in steel production, with almost two decades of experience from the steel industry.
Storsala — Jonas Sundin new CFO and partner
Storsala is recruiting Jonas Sundin as CFO and partner, taking up the role on 10 August 2026. Sundin most recently served as interim CEO of the listed company Fastator, and has previously been CFO at Arwidsro and Group Treasurer at Magnolia Bostad, as well as holding senior roles in SEB's real estate advisory and structured finance. Storsala states that the recruitment is part of the preparations for a possible future stock exchange listing.
CEO Erik Engvall comments that Sundin has exactly the profile the company has been looking for and will play a central role in Storsala's continued development. Sundin himself highlights that Storsala has a clear direction, a strong business focus and a team with high ambitions.
Blykalla — new head office at Sveavägen 25
Blykalla moved its head office to Sveavägen 25 in Stockholm, with the move completed on 12 April 2026. The team numbers 100+ people. The company explains the move by saying that, with a team of that size, it was time for an office that can match the company's ambitions and give more room to create, build and collaborate.
Doktor.se — online doctors under regulatory pressure
Several regions have changed their guidelines and frozen payments to digital healthcare providers following an investigation by Ekot (Swedish Radio's news programme). Region Uppsala has stopped payments for digital care from other regions, and SKR (the Swedish Association of Local Authorities and Regions) has agreed on stricter rules for which healthcare visits may be invoiced. According to DI, Doktor.se comments that the company is “being used as a political weapon”.
Epidemic Sound — workforce reduction of 150 positions
EQT-owned Epidemic Sound plans to cut 150 positions, corresponding to around a third of its workforce. The measure is said not to be financially driven, but aimed at adapting the company to the AI shift. At the same time, the company is expanding its offering with AI-assisted services and plans fully AI-generated music. Interim CEO Sara Börsvik states that the measure is hard but absolutely necessary for the company, and chair of the board Hjalmar Winbladh states that in principle all previous business models will become obsolete.
Eqvor — new partnership and a newly added company
Partnership with Nordnet. Eqvor announces that Nordnet's Private Banking and Active Trading customers get access to trading in unlisted shares via Eqvor, with a discount of up to 50 per cent on the standard brokerage fee. Unlisted shares can be held in customers' existing Nordnet custody accounts. Nordnet has more than 2.4 million customers in the Nordic region.
Ingrid added to the platform. During the week, Ingrid was added to Eqvor's platform. Ingrid is a Swedish SaaS company founded in 2015 that develops a delivery platform for e-commerce, with modules for checkout, tracking, transport automation, store management and returns. The company targets medium-sized and large e-retailers in the Nordic region, the United Kingdom and the Netherlands.
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