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Bure Equity (BURE) investor relations material
Bure Equity Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Net asset value per share fell 17.5% to SEK 274.8 from SEK 333.0 at the start of the year, with a total net asset value of SEK 20,392M at period end.
Group earnings after tax for January–September were SEK -4,098M, down from SEK 7,025M year-over-year; EPS was SEK -55.3 (94.8).
Total return on the share was -26.7%, underperforming the SIX Return Index, which rose 5.8%.
Third quarter saw some stabilization after a challenging first half, with notable organic growth in Vitrolife and Xvivo, and improved order intake and earnings in Mycronic.
Major portfolio transactions included the acquisition of 17% of Silex Microsystems for SEK 901M and divestments in Mycronic and Ovzon.
Financial highlights
Net asset value per share decreased 1.1% in Q3, compared to a 3.4% rise in the SIX RX index.
Group earnings after tax in Q3 were SEK -217M.
Listed portfolio companies accounted for 81.2% of net asset value, with their value decreasing SEK 4,574M to SEK 16,551M.
Unlisted portfolio companies increased in value by SEK 953M to SEK 3,779M, now 18.5% of net asset value.
Dividends received totaled SEK 246M for the period.
Outlook and guidance
CEO notes stabilization in Q3 but highlights ongoing volatility in portfolio company performance and market conditions.
No change in long-term outlook for key holdings such as Yubico, despite short-term order delays.
Explain Bure's significant underperformance vs. SIX RX
Reconcile Yubico's Q3 with long-term potential
What drove the significant increase in unlisted holdings?
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Q4 202519 Feb, 2026
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Frequently asked questions
Bure Equity is a private equity and venture capital firm specializing in secondary direct, later stage, middle market, mature, buyouts, emerging growth, expansion capital, mid venture, late venture, PIPES, bridge, industry consolidation, recapitalizations, growth capital, special situation and turnarounds.
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