The net asset value was SEK 243.2 per share compared with SEK 267.2 at the beginning of the year, representing a decrease of 9.0 per cent.

Bure’s net asset value was SEK 18,046M compared with SEK 19,823M at the beginning of the year.

The total return on the Bure share was -11.8 per cent, whereas the SIX Return Index decreased by 1.2 per cent.

Group earnings after tax amounted to SEK -1,777M (-2,631). Earnings per share amounted to SEK -24.0 (-35.5).

Bure divested 7.2 million shares in Ovzon for SEK 406M.

Events after the end of the period

The net asset value amounted to SEK 348.8 per share on 17 May 2026, corresponding to an increase of 30.6 per cent since the beginning of the year.

Silex Microsystems was listed on Nasdaq Stockholm on 7 May 2026.

Bure divested its remaining 0.9 million shares in Ovzon for SEK 52M.

Comments from the CEO

The already uncertain and challenging global market climate unfortunately worsened during the quarter with the armed conflict in the Middle East. In addition to the humanitarian consequences, the spillover effects on the economy could be extensive. After a positive start, SIX RX fell by 7.6 percent in March and for the quarter the index was down 1.2 percent.

Bure's net asset value per share fell by 9 percent during the first quarter. Unfortunately, several of the listed portfolio companies' fourth-quarter reports were received negatively by the market. The declines were significant in Yubico (-54.4%) and Vitrolife (-31.2%). On the other hand, we saw a recovery in Xvivo's share price, which rose by 22.7 percent. During the quarter, a write-down of the holding in Mentimeter of SEK 173 million was carried out. It may seem a bit unfortunate when the company reported a sharp improvement in earnings in 2025 and a stable start to 2026. The reason behind the write-down was the structural revaluation of SaaS and software companies based on concerns about how AI may affect these companies.

The portfolio companies' performance during the first quarter was positive, however. Of the listed portfolio companies, Mycronic impressed with new records for both sales and profit. Vitrolife reported growth of 5 percent in local currencies and an improved operating margin. Sales growth in local currencies accelerated sharply for Xvivo and amounted to 23 percent. Silex Microsystems also reported a strong quarter, but sales growth of 31 percent (in local currencies) and an operating margin of 34 percent.

The above excellent reports caused Bure's net asset value to rise sharply after the end of the period. At the time of writing, the net asset value has grown by 43 percent since the end of March, which corresponds to an increase of 31 percent since the beginning of the year.

During the quarter, 7.2 million shares in Ovzon were sold and after the end of the period we have sold the remaining holdings. Overall, the investment in Ovzon was successful for Bure with an exit profit of SEK 410M, corresponding to an IRR of 15.4 percent.

Finally, on May 7, Silex Microsystems was listed on the stock exchange. In November, the company communicated its intention to be listed on the stock exchange against the background that it opens up new opportunities for the business in a geopolitically complex environment. With a clear and strong Swedish ownership base, good conditions are created to expand globally and strengthen the company's position as a world-leading supplier of MEMS technology. Interest in the company proved to be great and the share rose by a full 247 percent on the first trading day.