Bure Equity (BURE) Q4 2025 earnings summary

Executive summary

• Net asset value per share fell 19.8% year-over-year to SEK 267.2, with total net asset value at SEK 19,823M at year-end.

• Group earnings after tax were SEK -4,676M, down from SEK 5,735M the previous year; EPS was SEK -63.2 (77.4).

• Total return on the share was -34.8%, underperforming the SIX Return Index, which rose 12.7%.

• Portfolio performance was mixed, with significant declines in several listed holdings due to missed growth and profitability expectations.

• Major portfolio transactions included the acquisition of a 17% stake in Silex Microsystems for SEK 900M and divestments in Ovzon, Mycronic, and Mentice.

Financial highlights

• Net asset value decreased by SEK 4,866M to SEK 19,823M year-over-year.

• Group equity at year-end was SEK 19,821M, with an equity ratio of 99%.

• Group earnings from investment activities were SEK -4,598M, with fair value changes from financial assets at SEK -4,856M.

• Dividends received totaled SEK 255M.

• Cash and cash equivalents at year-end were SEK 241M.

Outlook and guidance

• The challenging market climate of 2025 is expected to persist into 2026, with high uncertainty and a strong Swedish krona.

• Focus remains on improving profitability and creating conditions for future growth.