Bure Equity (BURE) Q3 2025 earnings summary

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.