Interim report January-December 2025

Net asset value was SEK 267.2 per share compared with SEK 333.0 at the beginning of the year, representing a decrease of 19.8 per cent.

Bure’s net asset value was SEK 19,823M compared with SEK 24,689M at the beginning of the year.

Total return on the Bure share was -34.8 per cent, whereas the SIX Return Index increased by 12.7 per cent.

Group earnings after tax amounted to SEK -4,676M (5,735). Earnings per share amounted to SEK -63.2 (77.4).

Interim report October – December 2025

Net asset value was SEK 267.2 per share compared with SEK 274.8 at the beginning of the quarter, corresponding to a decrease of 2.8 per cent.

Bure Growth subscribed for convertible debentures of SEK 28M in BioLamina.

Bure divested 4.0 million shares in Mentice for SEK 61M.

Bure divested 1.0 million shares in Ovzon for SEK 42M.

Events after the end of the period

Net asset value amounted to SEK 233.0 per share on 18 February 2026, corresponding to a decrease of 12.8 per cent since the beginning of the year.

Bure divested 2.4 million shares in Ovzon for SEK 129M.

Comments from the CEO

2025 was a challenging year for Bure. Sharp falls in the share prices of several listed portfolio companies led to a 19.8 per cent decline in net asset value per share in 2025. The SIX Return Index increased by 12.7 per cent during the year. In 2025, Yubico fell 68.6 per cent, Xvivo 61.8 per cent and Vitrolife 36.3 per cent, as the companies’ growth and profitability did not meet market expectations. Bure’s focus on export-oriented, fast-growing technology companies resulted in a tough 2025, which was characterised by uncertain market and trading conditions and a significant strengthening of the Swedish krona. The revaluation of growth companies that do not fulfil growth expectations is unfortunately brutal, due to downwardly revised earnings expectations and the resulting multiple contraction.

The performance of the portfolio companies was mixed. Vitrolife reported weak revenue growth for 2025 and a lower operating margin than in 2024. A slowdown in the number of IVF cycles and adjustments to the product offering and market presence had a negative impact on Vitrolife during the year. However, it was pleasing to see that the initiatives implemented in North America during the year resulted in increased market share.

Yubico did not achieve its sales targets in 2025, with sales decreasing by 5 per cent. As the company also incurred costs for its continuing growth, the profit fell significantly. One bright spot is the order intake in the fourth quarter, which was the best (measured in local currency) in the company’s history. In December, the company’s COO Jerrod Chong was appointed acting CEO. I would like to take this opportunity to thank former CEO Mattias Danielsson for his important contributions over the course of 16 years at Yubico.

Lower transplant activity in the US in Xvivo’s largest business area, Thoracic (lung/heart), and delayed approval of its heart product in Europe resulted in marginally negative sales growth for the full year (-1 per cent). However, continued strong performance in Abdominal (liver/kidney) helped the company maintain an operating margin of 11 per cent for 2025.

Mycronic had another strong year in 2025. Sales increased by 12 per cent with a stable gross margin and an operating profit of SEK 2 billion. In addition, four exciting new businesses were acquired.

Among the unlisted portfolio companies, Mentimeter reported a turning point in its earnings trend as it improved its operating profit by SEK 76M to SEK 13M (-57). The improvement in earnings was based on good cost control and improved efficiency in sales and marketing.

In June, Bure and a consortium consisting of Swedish long-term investors and the company’s management acquired a majority holding in Silex Microsystems. Silex is a global leader in MEMS foundry; i.e. the production of semiconductors with mechanically movable components. Since 2015, Silex had been majority-owned by a Chinese listed company. With the increasingly complex geopolitical situation in the world, we believe that a Swedish majority ownership can accelerate the company’s growth opportunities. Bure invested SEK 900M to acquire a 17 per cent holding. As part of the financing of the acquisition of Silex, shares in Ovzon (SEK 267M) and a small holding in Mycronic (SEK 148M) were sold during the year. In December, Bure’s entire holding in Mentice was divested when we were offered the opportunity to enter into a transaction with the company’s principal shareholder. We continuously review the allocation in the portfolio as it is important that resources and time are invested in holdings that can affect the whole.

The market climate that prevailed in 2025 initially looks set to continue into 2026. The level of uncertainty in the world around us is high, political manoeuvring and posturing are disruptive and the Swedish krona has continued to strengthen. On the positive side, however, the Swedish economy is moving cautiously in the right direction. Having a long-term perspective is an integral part of Bure’s DNA. This is an important cornerstone regarding how we work with portfolio companies and their strategies. However, when the world around us and market conditions are changing rapidly, we also act to address challenges in the short-term. In such situations, cooperation between the Board and the management team is crucial, in order to agree on analyses and action plans while also seizing new opportunities. Net asset value performance continued to be disappointing in early 2026 but, having said that, I remain firmly convinced of the quality and prospects of our portfolio companies. The main task now is to improve profitability and create the conditions for future growth.