Vetted Assets AB

Vetted Assets AB

4.18
SEK
+0.14
(+3.34%)
-0.49EPS
187.39MMarket Cap
Nov 06Next Earn
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
5.72
- -
819.29
8,944.75
23.68
18.14
4.58
4.7
Basic EPS, GAAP
-490.98
- -
-1,433.22
-652.2
-28.33
-12.18
-0.1
-0.49
Free Cash Flow per Basic Share
- -
- -
- -
-158.56
2.38
-0.91
-0.6
-0.54
Dividend per Share
- -
- -
- -
- -
- -
- -
- -
- -
Book Value per Share
70
93.68
853.74
7,277.52
19.67
5.67
3.47
2.1
Tangible Book Value per Share
-4.79
21.38
134.49
-2,698.6
-8.61
-6.78
-0.23
-1.6
Basic Weighted Avg Shares
- -
- -
- -
- -
11
14
28
33
Sales/Revenue/Turnover
- -
- -
17
233
262
245
127
156
Operating Margin (%)
-8,552.99
- -
-174.67
-4.93
-111
-48.51
-42.88
-9.69
Depreciation Expense
- -
- -
3
28
290
116
67
27
Net Income, GAAP
-9
- -
-30
-17
-313
-164
-3
-16
Effective Tax Rate (%)
- -
- -
- -
- -
- -
- -
- -
- -
Profit Margin (%)
-8,584.49
- -
-174.93
-7.29
-119.65
-67.15
-2.14
-10.39
Working Capital
- -
2
2
-59
-66
-56
-2
6
LT Debt
1
- -
- -
- -
- -
25
- -
- -
Total Equity
1
9
18
191
219
77
97
187
Return on Invested Capital (%)
- -
- -
- -
- -
- -
- -
- -
- -
Return on Capital (%)
- -
- -
- -
- -
- -
- -
- -
- -
Return on Common Equity (%)
- -
- -
-224.06
-16.4
-153.98
-111.98
-3.15
-16.2

Capital Structure

SEK

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
- -
- -
- -
LT Borrowings
- -
- -
- -
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
28
34
58
Market Capitalization
26
64
187

Working Capital

SEK

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
40
35
59
Cash, Cash Equivalents & STI
13
9
27
Accounts Receivable, Net
11
6
11
Inventories
9
10
10
Total Current Liabilities
42
39
53
Payables & Accruals
- -
- -
- -
ST Debt
- -
- -
- -
Deferred Revenue
- -
- -
- -

Growth Rates

SEK

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
212.1%
25.09%
Free Cash Flow
- -
- -
35.64%
Net Income, GAAP
- -
- -
-98.35%
Sales/Revenue/Turnover
- -
- -
-48.35%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

SEK

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
55
79
59
53
245
2025
34
38
28
26
127
2026
25
77
- -
- -
- -

Quarterly Earnings Per Share

SEK

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
-1.39
-1.07
-1.42
-8.72
-12.18
2025
0.13
-0.1
-0.32
0.31
-0.1
2026
-0.4
-0.12
- -
- -
- -

Quarterly Dividends Per Share

SEK

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -

Company Description

CEO
Ludvig Neset
Sector
Retail trade
Industry
Internet retail
Address
Stockholm Sweden
Business
Vetted Assets AB is a Swedish investment and brand development company specializing in the acquisition, active ownership, and scaling of direct-to-consumer (DTC) e-commerce brands and digital commerce service providers. Founded in 2015 and headquartered in Stockholm, Sweden, the company operates primarily across two business segments: Consumer Brands and Digital Services. Through its Consumer Brands segment, the company offers Scandinavian design furniture and home interior furnishings through Folkhemmet; beauty products, eyebrow styling cosmetics, and precision tweezers through Browgame Cosmetics; curated charity-linked wall decor and limited-edition art prints through Andy Okay; contemporary canvas paintings, urban art prints, and motivational wall decor through Criss Bellini; liquefied petroleum gas (LPG) products, heating equipment, and outdoor lifestyle accessories through Gasoltuben; and mobile device accessories and electronic protection gear through iPhonebutiken. Through its Digital Services division, the company provides performance marketing, digital advertising, and customer acquisition services via Awelin; web development, system architecture, conversion rate optimization, and e-commerce platform maintenance via Lybe; and strategic commercial advisory, artificial intelligence implementation, and digital automation consultancy via Heep. Vetted Assets AB targets digital-native consumers and commercial enterprises across Sweden, the broader Nordic region, Europe, and global markets. In May 2026, the company underwent a corporate rebranding, officially changing its name from Refine Group AB (publ) to Vetted Assets AB (publ) to signify a strategic shift toward acquiring and accelerating founder-led consumer brands with high profitability potential. In alignment with this strategic refocusing, the company divested its legacy digital asset and Bitcoin treasury positions to concentrate capital and managerial resources on digital retail and operational AI integration. Recent portfolio expansion includes the April 2026 acquisition of a 51 percent majority interest in art retailer Andy Okay AB for approximately SEK 27 million, followed by the July 2026 acquisition of a 70 percent majority stake in e-commerce art company Criss Bellini AB for an initial consideration of SEK 25 million. To support these acquisitions and fund ongoing operational scaling, the company completed a fully guaranteed rights issue of approximately SEK 15 million alongside external credit financing in mid-2026. Vetted Assets AB is publicly listed on the Nasdaq First North Growth Market in Stockholm under the ticker symbol VETT.