Bure Equity AB: Interim report January-September 2026

The net asset value was SEK 360.0 per share compared with SEK 267.2 at the beginning of the year, representing an increase of 34.8 per cent.

Bure’s net asset value was SEK 26,713M, compared with SEK 19,823M at the beginning of the year.

Total return on the Bure share was 29.2 per cent, whereas the SIX Return Index increased by 10.8 per cent.

Group earnings after tax amounted to SEK 7,101M (-4,098). Earnings per share amounted to SEK 94.9 (-55.3).

Interim report July – September 2026

Net asset value was SEK 360.0 per share compared with SEK 342.9 at the beginning of the quarter, corresponding to an increase of 5.0 per cent.

Bure Growth divested its holding in My Driving Academy for SEK 19M.

Events after the end of the period

The net asset value amounted to SEK 334.0 per share on 4 November 2026, corresponding to an increase of 25.0 per cent since the beginning of the year.

Comments from the CEO

Bure’s net asset value per share continued to increase in the third quarter. Growth in the net asset value was 5.0 per cent and the net asset value per share was SEK 360.0 at the end of September. The SIX RX index increased by 2.4 per cent during the quarter. Yubico’s report exceeded the market’s expectations, with the share price increasing by more than 85 per cent as a result of this. The company’s sales increased by 9 per cent and its operating profit almost quadrupled. The share prices for Mycronic and Vitrolife increased by 5 and 8 per cent respectively during the quarter. Mycronic held a capital markets day at the end of August, where new financial targets were presented, while Vitrolife reported an improved financial performance and initiated a share buy-back programme. In contrast, Silex and Xvivo each fell by 15 per cent during the quarter. In the first nine months of the year, Bure’s net asset value per share increased by 34.8 per cent.

The positive development for several of the portfolio companies continued in the third quarter. Mycronic reported another successful quarter, with sales growth of 38 per cent, underpinned by all its business areas reporting double-digit growth. The Global Technologies business area was particularly impressive in this regard, and was the reason for much of the quarter’s strong order intake and financial performance. In addition to strong organic growth of 34 per cent during the quarter, Xvivo received CE certification in August for its groundbreaking heart preservation technology. This regulatory milestone represents a significant breakthrough, not only for Xvivo but also for the entire heart transplantation field.

During the quarter, the value of some of the unlisted assets was adjusted based on their improved sales and profit figures, as well as completed transactions. In total, this involved a positive value adjustment of SEK 225M, relating mainly to the holdings in Atle Investment Management and Nodica Group. Atle’s two largest holdings, Alcur and First Fondene, have increased both their capital under management and profits during the year. Nodica reversed a negative trend during Q2, and this improvement continued in the third quarter, with higher order volume, sales, and operating profit.

The stock market was strong during the summer but the positive mood lessened in September due to rising interest rates and higher oil prices. In October there has been growing concern regarding global AI investments, which has negatively affected shares in companies such as semiconductor manufacturers. This has unfortunately caused Bure’s net asset value and share price to fall back somewhat.

And, to conclude, after the period ended Vitrolife appointed Elin Frostehav as CEO with effect from 2027. In conjunction with this appointment, it was also announced that outgoing CEO Bronwyn Brophy will leave the company on 31 October. I would therefore like to take this opportunity to extend a big thank you to Bronwyn for her work as CEO of Vitrolife Group, and to wish her all the best in her new position.