The investment company I Love Lund reported, as expected, unchanged results in the first quarter. Operating profit came in at SEK -0.8 million (-0.8). Profit after tax was SEK 0.4 million (-4.2). Net asset value per share was SEK 103.2 (104.39).I Love Lund's CEO Björn Englund addresses the issue of small-cap valuations in his CEO comments. "Could the pendulum be on its way to swinging away from risk aversion and back toward risk appetite again? My own guesstimate for 2026 is yes. In our part of the market, i.e. innovative start-ups with negative cash flow, investor interest shifts quickly and surely one can now sense an inflection point", he writes. During the first quarter of the year, no pure new investments were made. Instead, the focus was on smaller investments in current portfolio companies. During the quarter, profit-taking was carried out to a greater extent than investments: larger partial sales in the listed company Camurus, but also in Alfa Laval and Beammwave, writes the I Love Lund chief. "This is to further balance the investment portfolio toward a larger unlisted portion and make room for completely new investments that we have in the pipeline", he says. I Love Lund will also receive proceeds from Roche's acquisition of Saga Diagnostics, a deal worth about SEK 6 billion. I Love Lund has just under a tenth of a percent. I Love Lund will return to that deal. "The proceeds are, of course, reinvested in new innovative Lund companies. My mantra in the somewhat complex deal is that we are 'happy, positive - but restrictive', in our expectations", Englund says. I Love Lund, SEK millionQ1 2026Q1 2025ChangeNet sales00Operating profit-0.8-0.8Net profit0.4-4.2Net asset value per share, SEK103.2104.39-1.1%