Net asset value was SEK 277.9 per share as compared with SEK 333.0 at the beginning of the year, representing a decrease of 16.5 per cent.

Bure's net asset value was SEK 20,604M as compared with SEK 24,689M at the beginning of the year.

Total return on the Bure share was -24.8 per cent, compared with the SIX Return Index which increased 2.5 per cent.

Group earnings after tax amounted to SEK -3,881M (4,754). Earnings per share amounted to SEK -52.4 (64.0).

Interim report April – June 2025

Net asset value was SEK 277.9 per share as compared with SEK 297.4 at the beginning of the quarter, corresponding to a decrease of 6.6 per cent.

Bure entered into an agreement to acquire 17.0 per cent of Silex Microsystems AB for an expected purchase price of SEK 917M. Silex is a global leader in MEMS foundry services; i.e., the production of semiconductors with mechanically movable components.

Bure acquired 5.2 million shares in Cavotec for SEK 93M, increasing its ownership share to 40.7 per cent.

Bure divested 0.9 million shares in Ovzon for SEK 32M.

Pursuant to AGM resolution, an ordinary dividend of SEK 2.75 per share was paid, totalling SEK 204M.

Events after the end of the period

Net asset value amounted to SEK 276.1 per share on 14 August 2025, equivalent to a decrease of 17.1 per cent since the beginning of the year.

Bure finalised the acquisition of 17.0 per cent of Silex Microsystems AB on 23 June 2025.

Bure divested 4.1 million shares in Ovzon for SEK 193M after which the ownership interest amounts to 8.2 per cent.

Bure divested 682,000 shares in Mycronic for SEK 148M.

Comments from the CEO

The year's second quarter opened with a sharp drop in the equity markets due to the US administration's surprising tariff manoeuvres. However, new information regarding the postponed introduction of the tariffs encouraged a relatively rapid recovery. The SIX RX rose 2.5 per cent during the second quarter. Bure's net asset value performance was weak during the quarter (-6.6 per cent). The Yubico share price decreased nearly 20 per cent following its 1Q report, due in part to orders that failed to meet market expectations. Vitrolife fell 13 per cent due to lower growth, while Mycronic fell marginally following a downward revision of its full-year forecast. Bure's net asset value per share fell 16.5 per cent during the first six months of the year.

During the second quarter, the portfolio companies' performance was somewhat mixed. Mycronic presented another strong report with a strong increase in sales, three new acquisitions and an upward revision of the full-year forecast. While Vitrolife reported organic growth in local currencies of +3 per cent, excluding divested operations, the margin was unfortunately lower than expected due primarily to currency effects. Xvivo reported a significant negative year-on-year deviation. An unexpected decline in its lung offering resulted in a 9 per cent drop in sales and a near halving of EBITDA. During the quarter Ovzon received a landmark order from the Swedish Defence Materiel Administration (FMV) for its satellite communications solutions. The total order value (slightly more than SEK 1 billion over a 24-month period) represents a quadrupling of the company’s order book. The share price rose by more than 40 per cent on the news, and by 74 per cent during the quarter.

There was a high level of transaction activity during the quarter. In early June we increased our ownership stake in Cavotec by 4.9 per cent, corresponding to SEK 93 million. Most importantly, after a long process, we signed an agreement in June to acquire a majority of the shares in Silex Microsystems, together with a consortium of Swedish long-term investors and management. Silex is a global leader in MEMS foundry services (the production of semiconductors with mechanically movable components). The company has had a compound annual growth rate (CAGR) of 17 per cent since 2015. For full-year 2024, the company had sales of SEK 1,226 million and an operating margin (EBIT) of 28 per cent. Silex has been majority-owned by a Chinese listed company since 2015. In light of the increasingly complex geopolitical environment, we believe that a Swedish majority shareholder can accelerate the company's growth opportunities. Bure invested approximately SEK 917 million for a 17 per cent ownership stake. As part of the financing, minor positions in Mycronic and Ovzon were divested after the end of the period. Silex is an exciting addition to Bure's portfolio – a leading high-tech company operating in a growing niche market, with long-standing customer relationships and a proven track record of profitable growth under the leadership of strong entrepreneurs.