Bure Equity AB

Latest Results (27.02.2026):

Bure Equity AB — fourth quarter (Q4) 2024 and full‑year 2024: Bure reports a strong 2024 with NAV per share up to SEK 333.0 at year‑end (from SEK 257.9 at start of 2024, +29.1%), total NAV SEK 24,689M, and group profit/earnings driven by large fair‑value uplifts in listed holdings. Q4 2024 saw a quarterly NAV decline (NAV per share fell from SEK 350.3 to SEK 333.0, -5.0%) and a Q4 loss driven by valuation movements, while the Board proposes an increased ordinary dividend for 2024.

NAV and share performance

Year‑end 2024 NAV per share: SEK 333.0 (up 29.1% in 2024). Total net asset value SEK 24,689M (vs SEK 19,123M at 2023 year‑end). Bure share total return in 2024: 34.5% (vs SIX RX +8.6%).

Profit, EPS and Q4 result

Group profit after financial items / earnings after tax (full year) headline: SEK 5,735M (2023: 4,749). Earnings per share: SEK 77.4 (64.0). Q4 2024 reported a loss driven by fair‑value changes (Q4 profit/loss approx. SEK -1,291M vs Q4 2023: +2,974M).

Key contributors to NAV growth

Major value increases in 2024 were concentrated in listed holdings: Mycronic (+SEK 2,533M), Yubico (shares + warrants, +SEK 2,061M), Xvivo Perfusion (+SEK 717M) and Vitrolife (+SEK 437M). Total value change in listed portfolio companies was SEK +5,795M.

Major transactions and investments

Notable moves: acquisition of 14.5% of Mentimeter for SEK 531M; purchase of 700,000 Cavotec shares (SEK 12M); Atle (Bure’s active owner vehicle) acquired 66% of First Fondene and increased stakes in several funds and managers (approx. SEK 171M invested). Bure Growth provided a SEK 17M convertible to BioLamina.

Dividend and capital allocation

The Board proposes an ordinary dividend for 2024 of SEK 2.75 per share (previous year SEK 2.50). Bure received dividends from portfolio companies (group level dividend receipts noted) and continued selective buy/sell and new investments in 2024.

Treasury, liquidity and post‑period update

Treasury assets decreased during 2024 (assets in Treasury fell to 3.0% of NAV). Post‑balance update: NAV per share reported SEK 353.6 on 19 Feb 2025 (an increase of 6.2% since the beginning of 2025), showing continued valuation momentum after year‑end.

Impairments and notable write‑downs

Bure made an unconditional shareholder contribution to Mercuri (SEK 45M) and subsequently wrote the holding down by SEK 79M to zero; Bure also increased a promissory note to Mercuri by SEK 13M — a material one‑off that impacted unlisted holdings in 2024.

Outlook / risk note

Management highlights geopolitical and policy uncertainty (notably referenced US policy and trade/tariff risks) as headwinds for markets; Bure remains an investment entity valuing holdings at fair value, with portfolio‑level exposure concentrated in a few large listed positions.