Bure Equity

Net asset value was SEK 297.4 per share as compared with SEK 333.0 at the beginning of the year, representing a decrease of 10.7 per cent.

Bure's net asset value was SEK 22,051M as compared with SEK 24,689M at the beginning of the year.

Total return on the Bure share was -15.3 per cent, compared with the SIX Return Index which fell 0.2 per cent.

Group earnings after tax amounted to SEK -2,631M (2,990). Earnings per share amounted to SEK -35.5 (40.4).

Events after the end of the period

Net asset value amounted to SEK 283.9 per share on 14 May 2025, equivalent to a decrease of 14.7 per cent since the beginning of the year.

Comments from the CEO

Following a strong start to the quarter, market sentiment shifted dramatically in February. The new US administration's foreign policy rhetoric and trade policy, involving the introduction of sharply increased tariffs, shook financial markets and geopolitical relationships. US assets were the most negatively impacted, with the S&P500 plummeting more than 10 per cent from its peak, the dollar losing value, and long-term interest rates trending upward. The altered trade situation is expected to have a direct impact on supply chains and access to materials, resulting in
cost increases. But the key question is how global trade barriers will impact overall
demand and economic growth. Unfortunately, there is an imminent risk of higher inflation, reduced consumption, and less propensity to invest. The situation is changing rapidly, however, particularly as new announcements
are made from the US administration.

Several of Bure's listed portfolio companies saw their share prices fall during the quarter. Xvivo fell 42 per cent, Yubico 26 per cent, and Vitrolife 25 per cent. Meanwhile, Ovzon rose 56 per cent and Mycronic 5 per cent. Overall,
Bure's net asset value per share fell just over 10 per cent this quarter. The SIX RX fell
marginally, by 0.2 per cent, during the quarter.

Despite the market turbulence and falling share prices, several portfolio companies
reported strong quarterly results. Mycronic reported a good start to the year, with a 27 per cent increase in turnover and an operating margin of 33 per cent. Xvivo reported an increase in both turnover and operating profit, despite its relatively high level of exposure to the US. Vitrolife performed favourably in all product areas, particularly in Europe and America, but had a challenging quarter in Asia. BioLamina and Mentimeter were stand-outs among the unlisted portfolio companies, with growth of 20 and 14 per cent, respectively, during the quarter.

In conclusion, a functioning world trade is important for economic prosperity and
growth. Investment decisions are based on the assumption that important parameters are predictable in the long term. As it stands now, uncertainty remains high as conditions are continuously changing. The hope is therefore that we will see pragmatic solutions going forward to create more stability.