When the investment company Creades presents its interim report for the period January to September 2026, its e-commerce and logistics holdings show several clear movements in the portfolio.
Most notably, freight and logistics company Instabee stands out, where Creades owns 9 percent. After weighing down the portfolio in the first half of the year, the holding turned upwards in the third quarter and provided a positive contribution to earnings of SEK 55 million, corresponding to an increase of 16 percent. This means that the market value of Creades' stake in Instabee amounts to SEK 393 million, although the contribution to earnings for the first nine months of the year still amounts to a loss of SEK 24 million.
As recently as last month, Ehandel.se reported that Instabee is turning a new leaf and aiming for a quarter of a billion after completed restructuring. Creades CEO John Hedberg highlights the turnaround in his CEO's statement:
Instabee has contributed negatively so far this year, but the quarter offered a clear improvement with increasing positive development in all geographical markets.
Nordic Knots enters the portfolio
In the report, Creades also officially reports its holding in the rug and interior design e-commerce company Nordic Knots as a separate unlisted asset for the first time. In the spring, Ehandel.se reported that Nordic Knots raised over SEK 100 million in external capital, with Creades stepping in as a new shareholder with approximately 5 percent.
According to the interim report, Creades' ownership in Nordic Knots amounts to 5 percent and the holding is valued at SEK 105 million, based on the latest transaction in the company.
Inet and Apotea rise – kick to Klarna
The curves are also pointing upwards in the rest of the e-commerce portfolio during the third quarter. Computer retailer Inet, where Creades owns 75 percent, was valued up by SEK 24 million or 8 percent during the quarter to a market value of SEK 343 million. The revaluation is due to an increased valuation multiple where EV/EBITA has been adjusted to 7.7 times.
At the same time, online pharmacy Apotea performed better than the stock market index during the period. Creades' holding in Apotea increased by 15 percent, corresponding to SEK 14 million, and is valued at SEK 107 million at the end of the third quarter.
The situation is more difficult for payment giant Klarna. During the third quarter, the value of Creades' shareholding in Klarna fell by 37 percent, or SEK 38 million, to a market value of SEK 65 million. Looking at the first nine months of the year, the holding has decreased in value by 54 percent, which prompts John Hedberg to direct a comment towards the payment company in the report:
Klarna unfortunately continued its negative value development and the company has a lot to prove in connection with upcoming quarterly reports.