Bure Equity AB

Latest Results (01.12.2025):

Bure Equity AB — fourth quarter 2024: Bure reported a weak Q4 2024 with a quarterly loss (profit/loss for the period) of SEK -1,291M and earnings per share (Q4) of about SEK -17.34, while full‑year 2024 was strong: net asset value (NAV) per share ended 2024 at SEK 333.0 (up 29.1% for the year) and group earnings after tax for full‑year 2024 were SEK 5,735M (earnings per share SEK 77.4). NAV at 31 Dec 2024 was SEK 24,689M and the Board proposes an ordinary dividend of SEK 2.75 per share.

NAV movement (Q4 2024)

Net asset value per share fell to SEK 333.0 at 31 Dec 2024 from SEK 350.3 at the start of the quarter (a -5.0% change in Q4). For the full year NAV per share rose from SEK 257.9 to SEK 333.0 (+29.1%). The Group’s total net asset value was SEK 24,689M at year‑end.

Q4 2024 earnings

Q4 earnings from investment activities were negative: Group profit/loss for the quarter was SEK -1,291M (compared with SEK +2,974M in Q4 2023). Earnings per share for Q4 before dilution were SEK -17.34.

Full‑year 2024 performance (summary)

Full‑year 2024: group earnings after tax SEK 5,735M (2023: 4,749); earnings per share SEK 77.4 (64.0). Total return on the Bure share in 2024 was 34.5% versus the SIX Return Index +8.6%.

Key portfolio drivers

Listed holdings were the main value driver in 2024. Major value changes included Mycronic (+SEK 2,533M; share price +39% in 2024) and Yubico (+SEK 2,061M; share price +85% in 2024). Xvivo (+SEK 717M) and Vitrolife (+SEK 437M) also contributed materially to NAV growth.

Portfolio composition and treasury

At year‑end listed portfolio companies accounted for 85.6% of NAV (listed holdings ~SEK 21,125M); unlisted holdings ~11.4% (SEK 2,826M). Treasury (cash, short‑term investments and other assets) amounted to SEK 738M (≈3.0% of NAV) after decreasing SEK 812M during 2024.

Significant transactions in 2024

Notable moves: Bure acquired 14.5% of Mentimeter for SEK 531M; Bure acquired 700,000 Cavotec shares for SEK 12M; Atle (part of the group) made several investments including 66% of First Fondene AS and increased holdings in fund managers; Bure Growth signed a SEK 17M convertible for BioLamina. Bure also made a SEK 45M shareholder contribution to Mercuri and later wrote down that holding.

Balance sheet & liquidity (parent & group)

Group cash and cash equivalents were SEK 646M at 31 Dec 2024; the Parent Company reported net receivables of SEK 985M (interest‑bearing assets SEK 988M less SEK 3M liabilities). The Group equity to assets ratio was effectively 100% (equity SEK 24,688M).

Dividend and post‑period note

The Board proposes an ordinary dividend of SEK 2.75 per share (previous year 2.5). After the balance sheet date Bure reported NAV per share SEK 353.6 on 19 Feb 2025 (an increase of 6.2% since the beginning of 2025).