Interim report January - September 2025
Net asset value was SEK 274.8 per share as compared with SEK 333.0 at the beginning of the year, representing a decrease of 17.5 per cent.
Bure's net asset value was SEK 20,392M as compared with SEK 24,689M at the beginning of the year.
Total return on the Bure share was -26.7 per cent, compared with the SIX Return Index which increased 5.8 per cent.
Group earnings after tax amounted to SEK -4,098M (7,025). Earnings per share amounted to SEK -55.3 (94.8).
Interim report July - September 2025
Net asset value was SEK 274.8 per share as compared with SEK 277.9 at the beginning of the quarter, corresponding to a decrease of 1.1 per cent.
Group earnings after tax amounted to SEK -217M.
Bure finalised the acquisition of 17.0 per cent of Silex Microsystems for SEK 901M.
Mentice conducted a new share issue of SEK 32M. Bure acquired 0.4 million shares for SEK 5M.
Bure divested 0.7 million shares in Mycronic for SEK 148M.
Bure divested 4.1 million shares in Ovzon for SEK 193M.
Events after the end of the period
Net asset value totalled SEK 267.1 per share at 5 November 2025, corresponding to a decrease of 19.8 per cent since the turn of the year.
Comments from the CEO
After a challenging first half of the year - with currency struggles, lower growth and falling share prices for some of the portfolio companies - we saw some stabilisation during the third quarter. Vitrolife reported organic growth of 5 per cent, with the
strongest performance in the Consumables business area and in the United States. Xvivo, which reported negative second quarter growth, reported organic sales growth of 6 per cent in local currencies during the third quarter (exclusive of extraordinary income from heart trials) and maintained an EBITDA margin of 19 per cent. Mycronic's performance was solid
during the quarter, with the company reporting increased orders and significant earnings improvement in business areas High Volume and Global Technologies.
After expressing some optimism early in the quarter, Yubico unfortunately announced when publishing its preliminary figures in October that orders during the third quarter had failed to meet the company's expectations. Purchasing processes continued to be delayed and major orders did not materialise during the quarter. The share price fell sharply on this news.
While it is undesirable for orders and sales to fluctuate across quarters, it is extremely rare for a company's development curve to remain level over time. Bure has a long-term owner perspective, and we do not consider that there has been any change in Yubico's development potential or its unique technology and market position.
Bure's net asset value per share decreased by 1.1 per cent during the quarter, as compared with SIX RX which rose 3.4 per cent. Xvivo's value decline, down 38.8 per cent during the quarter, accounted for most of the decrease in net asset value, while Mycronic rose by 6.5 per cent. Bure's net asset value has decreased 17.5 per cent since the turn of the year. The acquisition of Silex was finalised in late July, and minor holdings in Ovzon and Mycronic,
corresponding to approximately SEK 340M, were divested during the summer.
Mentimeter and Allgon were among the unlisted portfolio companies that performed well during the quarter. Mentimeter reported continued sales growth, but above all strong earnings improvement, with an operating margin of over 10 per cent. Allgon reported organic growth of 7 per cent and an improved gross margin, although operating profit
was, unfortunately, negatively impacted by nonrecurring items.
Linda Nyquist-Evenrud took over as Allgon's CEO on September 1st. Linda has extensive
industrial experience and joins Allgon from Kongsberg Automotive, where she held several
senior positions, most recently as CEO and Group President. In closing, I would like to
take this opportunity to thank outgoing CEO Ola Samelius, who is now retiring, for his
valuable contributions to the company.
For more information, contact
Henrik Blomquist, CEO
henrik.blomquist@bure.se
Telephone: +46 (0) 8-614 00 20
This information is information that Bure Equity AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2025-11-06 08:30 CET.