Bure Equity : Year-end Report Q4 2023

Year-end Report January - December 2023

YEAR-END REPORT 2023

Interim period January-December 2023

• Net asset value was SEK 257.9 per share compared to SEK 196.3 at the beginning of the year, corresponding to an increase of 31.4 per cent.
• Bure's net asset value was SEK 19,123M compared to SEK 14,559M at the beginning of the year.
• Total return on the Bure share was 17.0 per cent compared to the SIX Return Index which rose 19.2 per cent.
• Group earnings after tax amounted to SEK 4,749M (-9,235). Earnings per share amounted to SEK 64.0 (-124.7).

Interim period October - December 2023

• Net asset value was SEK 257.9 per share compared to SEK 217.6 at the beginning of the quarter, corresponding to an increase of 18.5 per cent.
• Bure divested 3.7 million shares in Mycronic for SEK 870M, resulting in an exit gain of SEK 813M.
• Bure purchased 7.2 million shares in Ovzon's rights issue for SEK 33M.

Events after the balance sheet date

• Net asset value amounted to 283.2 per share on 21 February 2024, corresponding to an increase of 9.8 per cent since the beginning of the year.
• The Board of Directors proposes that the Annual General Meeting approves an ordinary dividend of SEK 2.50 per share (2.25).

Henrik

Blomquist

CEO

Bure Equity

AB

After a weak third quarter, 2023 ended with a sharp rise in the fourth quarter. The SIX RX increased

13.9 per cent while Bure's net asset value per share was up 18.5 percent. Overall, 2023 was a good year for Bure. Net asset value per share increased 31.4 per cent, compared to the SIX RX which rose 19.2 per cent.

Internally, 2023 was of course dominated by the merger of ACQ and Yubico. For Bure, the transaction repre­ sented the finish line for ACQ - the SPAC project launched in March 2021. It was also the start of an exciting new development journey for Yubico as a listed company. Yubico is now Bure's third largest holding.

2023 was a successful year for several of the portfolio companies. Our listed portfolio companies

• Mycronic, Xvivo and Yubico - all reported record years in terms of sales and profit. The unlisted
  ScandiNova reported growth of 54 per cent. Despite continued challenges at Ovzon, the company suc- cessfully launched its Ovzon 3 satellite at the end beginning of the this year. Ovzon 3 is Sweden's first commercial and privately financed geostationary satellite - a genuine landmark event.

In November, Bure sold 3.7 million shares in Mycronic for SEK 870M. Bure reduced its ownership share from

26.9 to 23.1 per cent, although still remains the single largest owner of Mycronic. The sale created opera- tional flexibility and leeway for Bure going forward.

The outlook at the beginning of 2023 was characterised by general concern and considerable caution. However, falling inflation and the flattening of interest rates helped the stock market rise almost 20 per cent, despite various dramas during the year. As we look ahead to 2024, we have grounds for a little more optimism. The performance of most of the portfolio companies continues to be positive. The economic uncertainty remains, however, and there is still great concern geo-politically. It is therefore still important to balance growth, earnings and cash flow. In conclu- sion, with approximately SEK 1.4 billion in investable funds, it is my hope that 2024 will also offer several interesting investment opportunities.

THIS REPORT IS A TRANSLATION OF THE SWEDISH REPORT. IN THE EVENT OF ANY DIFFERENCES BETWEEN THIS TRANSLATION AND THE SWEDISH ORIGINAL, THE SWEDISH REPORT SHALL HAVE PRECEDENCE.

BURE'S NET ASSET VALUE AND HOLDINGS

Bure's net asset value

and holdings

				2022/12/31					2023/12/31
					Value				% of net	Net asset
			% of	Net asset	change			Net asset	asset	value per
SEK M		capital	value	(+/-) 1) Investment Disposal	value	value	share, SEK
		Cavotec 3)	35.3%	450	35	58	-2	541	2.8%	7.3
		Mentice	14.7%	142	37	-	-	179	0.9%	2.4
L 2)		Mycronic 4)	23.1%	5,153	2,207	-	-859	6,500	34.0%	87.7
I
	Ovzon 5)	12.7%	338	-214	83	-	206	1.1%	2.8
S
T		Vitrolife	15.9%	4,005	183	-	-	4,188	21.9%	56.5
E
	Xvivo Perfusion 6)	14.3%	799	647	35	-	1,481	7.7%	20.0
D
		Yubico 7)	17.5%	718	668	837		2,223	11.6%	30.0
		Total listed holdings		11,605	3,562	1,013	-862	15,318	80.1%	206.6
U		Allgon8)	91.8%	753	219	6	-1	977	5.1%	13.2
N		Atle Investment Management 9)	93.0%	256	19	70	-1	344	1.8%	4.6
L
	Bure Growth 10)	100.0%	1,362	378	104	-980	864	4.5%	11.7
I
S		Mercuri International 11)	90.4%	68	-	2	-	70	0.4%	0.9
T
E		Total unlisted holdings		2,438	616	183	-982	2,255	11.8%	30.4
D
		Total holdings		14,044	4,178	1,196	-1,844	17,573	91.9%	237.0
T		Cash and cash equivalents,
R
E		short-term investments and
A		other assets 12)		515		1,035		1,550	8.1%	20.9
S		Total treasury		515		1,035		1,550	8.1%	20.9
U
R
Y
		Total net asset value		14,559	4,178	2,231	-1,844	19,123	100.0%	257.9

1. Change in value including exit gains/losses.
2. Bure's number of shares at 31 December 2023: Cavotec 37,554,921, Mentice 3,761,659, Mycronic 22,617,163, Ovzon 14,209,525, Vitrolife 21,510,257, Xvivo Perfusion 4,493,504 and Yubico 15,041,943. Bure also has 4,200,000 warrants in Yubico.
3. Bure subscribed to 4,408,302 shares in Cavotec's rights issue for SEK 58M. Bure divested 175,000 shares for SEK 2M to the Cavotec management team.
4. Bures divested 3.7 million Mycronic shares for SEK 870M or SEK 859M post transaction costs.
5. Bure subscribed to 8,348,491 shares in Ovzon's rights issue for SEK 83M.
6. Bure subscribed to 126,000 shares in Xvivo's rights issue for SEK 35M.
7. Prior to the merger between ACQ Bure and Yubico, Bure Growth divested the holding in Yubico to Bure in an internal transaction for SEK 971M. Yubico was then merged with ACQ Bure, whereby Bure received a merger consideration consisting of 7,851,943 shares in ACQ Bure and SEK 564M. Bure acquired an additional 190,000 shares in ACQ Bure's placement and rights issue for SEK 19M. In conjunction with the merger, ACQ Bure was renamed Yubico and listed on the First North.
8. Bure's direct and indirect holding in Allgon amounts to 91.8 per cent. The holding was revalued by SEK 218M.
9. Atle made conditional shareholder contributions to Atle Investment Services and HealthInvest Partners of SEK 8M and SEK 5M, respectively. Atle paid additional purchase fees for Atle Investment Services and HealthInvest Partners of SEK 61M. The holding in Alcur Fonder was revalued by SEK 24M. The holding in Fondbolaget Fondita was revalued downwards by SEK 5M.
10. Bure Growth subscribed for 80,934 shares in ScandiNova Systems' rights issue for SEK 36M and acquired 443 shares for SEK 0.5M. The holding in ScandiNova Systems was revalued by SEK 61M. Bure Growth acquired shares in BioLamina for SEK 62M. The holding in BioLamina was revalued by SEK 353M. Bure Growth purchased shares in My Driving Academy's rights issue for SEK 5M and divested shares to the company's management. The holding in My Driving Academy was revalued downwards by SEK 14M. Bure Growth divested 73,432 shares in Yubico following the redemption of call options and divested the remaining 2,710,370 shares in Yubico to Bure Equity in an internal transaction.
11. Fair value of equity and interest-bearing receivables.
12. Cash and cash equivalents, participations in funds and short-term investments in market-listed assets, other unlisted companies, interest-bearing

receivables and other net assets.

YEAR-END REPORT 2023

3

BURE'S NET ASSET VALUE AND HOLDINGS

Change in net asset value during 2023

SEK M								1,035	19,123
20,000				3,713	-183
14,559
15,000									16 968
10,000
5,000
0
Net asset value		Listed	Unlisted	Treasury	Net asset value
	31 December 2022	holdings	holdings			31 December 2023

Listed portfolio companies

Listed portfolio companies accounted for 80.1 per cent of net asset value compared to 79.7 per cent at the end of 2022. The total value of listed portfolio companies decreased SEK 3,713M to SEK 15,318M.

Value changes

Value changes due to fluctuations in share prices and

exits during the period was SEK 3,562M.

Value changes in SEK M and share price performance 2023

Mycronic	2,207	46.8%
Yubico (shares + warrants)	668	38.3%
Xvivo Perfusion	647	80.1%
Vitrolife	183	4.6%
Mentice	37	26.2%
Cavotec	35	6.7%
Ovzon	-214	-74.9%
Total	3,562

Bure divested 175,000 shares in Cavotec for SEK 2M to members of the Cavotec management team.

Dividends received

Bure received share dividends of SEK 110M from Mycronic and Vitrolife.

Unlisted portfolio companies

Unlisted portfolio companies accounted for 11.8 per cent of net asset value compared to 16.7 per cent at the end of 2022. The value of unlisted portfolio companies decreased SEK 183M to SEK 2,255M.

Acquisitions and value changes

Atle paid an additional purchase price for Atle Investment Services and HealthInvest Partners of SEK 61M.

Atle made conditional shareholder contributions to

Atle Investment Services and HealthInvest Partners of SEK 8M and SEK 5M, respectively.

Alcur Fonder was revalued by SEK 24M. Fondbolaget Fondita was revalued downwards by SEK 5M.

Bure's comparison index, the SIX RX, rose 19.2 per cent.

Acquisitions

Bure acquired 4,408,302 shares in Cavotec's rights issue for SEK 58M.

Bure acquired 8,348,491 shares in Ovzon's rights issues for SEK 83M.

Bure acquired 126,000 shares in Xvivo's rights issue for SEK 35M.

Bure acquired the holding in Yubico in an internal transaction from Bure Growth for SEK 971M. In the merger between ACQ Bure and Yubico, Bure received a ­merger consideration of 7,851,942 shares in ACQ Bure and SEK 564M. Bure acquired an additional 190,000 shares in ACQ Bure's placement of shares and rights issue for SEK 19M. ACQ Bure was then renamed Yubico AB and listed on the First North. Bure's holding in Yubico amounts to 15,041,943 shares, corresponding to 17.5 per cent of the total number of shares.

Divestments

Bure divested 3,700,000 shares in Mycronic for SEK 870M or SEK 859M post transaction costs.

Bure Growth acquired shares in BioLamina for SEK 62M. The holding in BioLamina was revalued to SEK 353M.

Bure Growth subscribed for shares in ScandiNova Systems' rights issue for SEK 36M and acquired shares for SEK 0.5M. The holding in ScandiNova Systems was revalued by SEK 61M.

Bure Growth purchased shares in My Driving Academy for SEK 5M and divested shares to company management. The holding was revalued downwards by SEK 14M.

The holding in Allgon was revalued by SEK 218M.

Divestments

Bure Growth divested 73,432 shares in Yubico due to a redemption of call options in Yubico and divested its remaining shares in Yubico to Bure Equity in an internal transaction for SEK 971M.

Dividends received

Atle Investment Management received dividends of

SEK 66M from the part-owned asset management compa- nies. Bure received dividends of SEK 18M from Allgon and SEK 7M from AMIP.

YEAR-END REPORT 2023

4

BURE'S NET ASSET VALUE AND HOLDINGS

Treasury

The value of assets in Treasury increased SEK 1,035M to SEK 1,550M. Bure acquired financial assets for SEK 381M and divested financial assets for SEK 1,444M. Bure paid dividends of SEK 167M. The group received dividends of SEK 202M. Other changes amounting to SEK -63M were due to changes in working capital, value­ changes in short­ -term investments and administrative­ costs.

Assets in Treasury amounted to 8.1 per cent of net asset value compared to 3.5 per cent at the end of 2022.

The Bure share

The total number of Bure shares amounts to 74,357,193, of which 74,146,921 are outstanding. The Bure Annual General Meeting (AGM) of 3 May 2023 authorised the Bure Board of Directors to decide on the buyback of up to 10 per cent of the total number of ordinary shares in Bure Equity AB. Bure did not repurchase any ordinary shares in 2023, nor does it hold any own ordinary shares.

With the authorisation of the AGM of May 3, 2023, Bure conducted a rights issue and a repurchase of 105,136 class C shares. The shares were issued and repurchased in accordance with the LTIP 2023 incentive programme, which was adopted by the AGM of May 3, 2023.

	21 Feb	31 Dec	31 Dec	31 Dec
	2024	2023	2022	2021
Share price, SEK	292.8	285.8	246.4	438.2
Dividend per share, SEK	-	2.25	2.25	2.0
Total return since year-end1)	2.4%	17.0%	-43.1%	50.1%
Net asset value per share, SEK	283.2	257.9	196.3	323.2
Development of NAV per share	9.8%	31.4%	-39.2%	34.9%
SIX Return Index	0.5%	19.2%	-22.8%	39.3%

1. Including dividends of SEK 2.25 per share for 2023 and 2022 and SEK 2.00 per share for 2021.

Development of Bure's net asset value and share price per share

SEK 500

400	285.8
300	257.9

200

100

0

11 12 13 14 15 16 17 18 19 20 21 22 23

Net asset value per share Share price

Portfolio companies Jan - Dec 2023 and 2022
Listed SEK M	2023	2022
						Net sales	n/a	1,572
						EBIT	n/a	-48
						EBIT margin	n/a	-3.0%
						Holding	35.3%	35.4%
						Net sales	274	218
						EBIT	-1	-24
						EBIT margin	-0.2%	-11.0%
						Holding	14.7%	14.7%
						Net sales	5,706	5,119
						EBIT	1,235	894
						EBIT margin	21.6%	17.5%
						Holding	23.1%	26.9%
						Net sales	290	357
						EBIT	-95	-47
						EBIT margin	-32.8%	-13.2%
						Holding	12.7%	11.4%
						Net sales	3,512	3,234
						EBIT	711	654
						EBIT margin	20.2%	20.2%
						Holding	15.9%	15.9%
						Net sales	598	415
						EBIT	4	6
						EBIT margin	0.7%	1.5%
						Holding	14.3%	14.6%
						Net sales2)	1 844	1,561
						EBIT	195	215
						EBIT margin	10.5%	13.8%
						Holding	17.5%	n/m

1. Adjusted for write-downs not affecting cash flow of SEK 4,300M in 2023.
2. Key figures refer to Yubico. ACQ Bure is not included.

Unlisted SEK M	2023	2022
	Net sales	708	617
	EBIT	108	96
	EBIT margin	15.3%	15.5%
	Holding	91.8%	92.4%
	Net sales	0	0
	EBIT	65	123
	EBIT margin	n/m	n/m
	Holding	93.0%	93.0%
	Net sales	0	0
	EBIT	395	46
	EBIT margin	n/m	n/m
	Holding	100.0%	100.0%
	Net sales	314	325
	EBIT	-3	2
	EBIT margin	-0.8%	0.5%
	Holding	90.4%	90.4%

YEAR-END REPORT 2023

5

LISTED PORTFOLIO COMPANIES

Listed portfolio companies

www.cavotec.com

Share of Bure's net asset value: 2.8%

Cavotec is a leading engineering group that designs and

manufactures­automated connection and electrification

systems­ for ports and industrial applications worldwide.

www.mentice.com

Share of Bure's net asset value: 0.9%

Mentice develops and sells turn-key simulation solutions­ targeting the fast-growing market for endovascular procedures.

Key figure1)	Q4	Q4					Key figure	Q4	Q4
EUR m	2023	2022	2023	2022	2021		SEK m	2023	2022	2023	2022	2021
Net sales	n/a	47	n/a	148	116		Net sales	70	69	274	218	185
Operating expenses	n/a	-48	n/a	-152	-117		Operating expenses	-74	-62	-274	-242	-205
EBIT	n/a	-2	n/a	-5	-1		EBIT	-4	7	-1	-24	-20
EBIT margin	n/a	-3.5%	n/a	-3.0%	-0.6%		EBIT margin	-5.1%	9.6%	-0.2%	-11.0%	-10.7%
Net financial items	n/a	-4	n/a	4	3		Net financial items	1	0	1	0	-2
Profit/loss before tax	n/a	-5	n/a	0	3		Profit/loss before tax	-2	7	0	-24	-21
Income tax expense	n/a	-1	n/a	-3	-4		Income tax expense	0	-5	-3	-7	-8
Profit/loss for the period	n/a	-7	n7a	-3	-1		Profit/loss for the period	-3	2	-3	-31	-29
continuing operations
Profit/loss for the period	n/a	-1	n/a	-11	-36
	Net loan debt (-)/			50	31	-2
discontinued operations							receivable (+)
Profit/loss for the period	n/a	-8	n/a	-14	-37
	Total assets			323	333	262
							Equity			159	163	137
Net loan debt (-)/			n/a	-30	-7
			Cash flow from operating			37	15	-5
receivable (+)
						activities
Total assets			n/a	168	175
			Average no. of employees			122	122	104
Equity			n/a	44	67
Cash flow from operating			n/a	21	1		Facts at 31 December 2023	Largest shareholders
activities
Average no. of employees			n/a	640	815		NAV: SEK 179M		Karin Howell-Bidermann	34.0%
							Acquisition date: 2019		Bure Equity		14.7%
1) Cavotec's interim report is published on 23 February 2024.
			Board member from Bure:		Fjärde AP-fonden		6.9%
Facts at 31 December 2023	Largest shareholders			Gösta Johannesson,		Others			44.4%
							board member
NAV: SEK 541M		Bure Equity		35.3%
Acquisition date: 2014		Thomas von Koch		17.5%		The quarter in brief
Board member from Bure:		Others			47.2%
			• Order intake was SEK 104M (90), corresponding to an
Patrik Tigerschiöld, chairman
								increase of 15 per cent. Orderbook at the end of the
The quarter in brief							period was SEK 156M (126).

• Cavotec received a contract from one of the world's largest shipping lines for shore power connection equipment for new-build container ships. The total value of the order was EUR 6.7M.
• The share price fell 1.0 per cent in the fourth quarter.

• Net sales was SEK 70M (69), an increase of 3 per cent.
• Operating profit was SEK -4M (7).
• Mentice acquired important assets from Biomodex, the company's foremost competitor within flow simulation.
• The share price rose 45.9 per cent in the fourth quarter.

YEAR-END REPORT 2023

6

LISTED PORTFOLIO COMPANIES

www.mycronic.com

Share of Bure's net asset value: 34.0%

Mycronic creates world-leading production equipment for electronics and display manufacturing.

Key figure	Q4	Q4
SEK m	2023	2022	2023	2022	2021
Net sales	1,968	1,497	5,706	5,119	4,635
Operating expenses	-1,348-1,235-4,471-4,225-3,586
EBIT	620	262	1,235	894	1,049
EBIT margin	31.5%	17.5%	21.6%	17.5%	22.6%
Net financial items	15	1	27	-4	-2
Profit/loss before tax	635	263	1,262	890	1,046
Income tax expense	-125	-16	-266	-154	-219
Profit/loss for the period	510	247	996	737	827
Net loan debt (-)/			1,912	1,004	440
receivable (+)
Total assets			8,340	7,340	6,136
Equity			5,282	4,703	3,997
Cash flow from operating			1,608	853	998
activities
Average no. of employees			2,027	2,002	1,683

Facts at 31 December 2023	Largest shareholders
NAV: SEK 6,500M	Bure Equity	23.1%
Acquisition date: 2010 via	SEB Fonder	9.9%
Skanditek	Fjärde AP-fonden	8.1%
Board member from Bure:	Others	58.9%
Patrik Tigerschiöld, chairman

www.ovzon.com

Share of Bure's net asset value: 1.1%

Ovzon offers a revolutionary mobile broadband service via satellite that combines high data speeds with high degrees of mobility.

Key figure	Q4	Q4
SEK m	2023	2022	2023	2022	2021
Net sales	91	101	290	357	191
Operating expenses	-105	-110	-385	-438	-305
EBIT	-14	-9	-95	-81	-113
EBIT margin	-15.4%-8.6%-32.8%	-22.7%	-59.2%
Net financial items	27	0	28	45	29
Profit/loss before tax	12	-9	-67	-36	-84
Income tax expense	0	0	7	0	0
Profit/loss for the period	12	-9	-60	-36	-84
Net loan debt (-)/			-410	-202	82
receivable (+)
Total assets			2,190	1,922	1,853
Equity			1,780	1,393	1,450
Cash flow from operating			-14	-112	-77
activities
Average no. of employees			45	43	36

Facts at 31 December 2023	Largest shareholders
NAV: SEK 206M	Bure Equity	12.7%
Acquisition date: 2018	Investment AB Öresund	12.1%
Board member from Bure:	Grignolino AB	11.3%
Patrik Tigerschiöld,	Others	63.9%
board member

The quarter in brief

• Order intake was SEK 1,448M (2 529), a reduction of 43 per cent. Total order book at the end of the period was SEK 4,149M (3,574).
• Net sales increased 31 per cent to SEK 1,968M (1,497).
• Operating profit amounted to SEK 620M (262), corresponding to an operating margin of 31.5 per cent (17.5).
• Bure divested 3.7 million shares in Mycronic for SEK 870M, resulting in an exit gain of SEK 813M.
• The share price rose 27.2 per cent in the fourth quarter.
• The Board of Directors has proposed the 2024 AGM approve a dividend of SEK 4.50 (3.50) per share.

The quarter in brief

• Ovzon conducted a rights issue of SEK 250M in December 2023. Bure purchased 7.2 million shares in Ovzon's rights issue for SEK 33M.
• The share price fell 35.4 per cent in the fourth quarter.
• Ovzon's Ovzon 3 satellite was launched from SpaceX Cape Canaveral in Florida on January 4, 2024. Ovzon 3 is expected to reach its orbit in the summer of 2024.

YEAR-END REPORT 2023

7

LISTED PORTFOLIO COMPANIES

www.vitrolife.com

Share of Bure's net asset value: 21.9%

Vitrolife Group is an international medtech group that develops, produces, and markets fertility treatment products.

Key figure	Q4	Q4
SEK m	2023	2022	2023	2022	2021
Net sales	904	855	3,512	3,234	1,681
Operating expenses	-719	-687	-2,801	-2,580	-1,245
Adjusted EBIT 1)	185	168	711	654	435
Adjusted EBIT margin	20.5%	19.6%	20.2%	20.2%	25.9%
Net financial items	-15	-63	-123	-117	25
Profit/loss before tax	170	106	588	537	460
Income tax expense	-49	-32	-139	-143	-116
Profit/loss for the period	121	73	449	394	344
Net loan debt (-)/			-1,228	-1,563	-1,852
receivable (+)
Total assets			16,329	20,551	19,429
Equity			12,723	16,740	15,341
Cash flow from operating			757	636	384
activities
Average no. of employees			1,084	1,117	478

1. Adjusted for write-downs not affecting cash flow of SEK 4,300M in the fourth quarter 2023.

Facts at 31 December 2023	Largest shareholders
NAV: SEK 4,188M	William Demant Invest A/S	28.7%
Acquisition date: 2010	Bure Equity	15.9%
via Skanditek	AMF Pension & Fonder	5.1%
Board member from Bure:	Others	50.3%
Henrik Blomquist, board member

www.xvivoperfusion.com

Share of Bure's net asset value: 7.7%

Xvivo Perfusion is an international medtech company that develops solutions for organ, tissue and cells during transplantation procedures.

Key figure	Q4	Q4
SEK m	2023	2022	2023	2022	2021
Net sales	156	132	598	415	258
Operating expenses	-172	-129	-593	-409	-277
EBIT	-16	2	4	6	-18
EBIT margin	-10.4%	1.8%	0.7%	1.5%	-7.2%
Net financial items	82	0	90	16	25
Profit/loss before tax	66	3	95	22	7
Income tax expense	3	-2	-3	-4	1
Profit/loss for the period	68	1	92	18	8
Net loan debt (-)/			515	237	393
receivable (+)
Total assets			2,181	1,733	1,543
Equity			1,945	1,430	1,285
Cash flow from operating			46	28	-12
activities
Average no. of employees			150	133	113

Facts at 31 December 2023	Largest shareholders
NAV: SEK 1,481M	Bure Equity	14.3%
Acquisition date: Lex Asea	Fjärde AP-fonden	9.0%
distribution from Vitrolife	Swedbank Robur Fonder	7.8%
in 2012
Others	68.9%
Board member from Bure:

Gösta Johannesson, chairman

The quarter in brief

• Net sales increased 6 per cent to SEK 904M (855). Growth in local currencies was 5 per cent.
• Operating profit before depreciation (EBITDA) amounted to SEK 294M (273), corresponding to a margin of 32.5 per cent (31.9).
• Adjusted EBIT was SEK 185M (168). During the period, a non-cashaffecting write-downof SEK 4,300M was reported under other operating expenses.
• The share price rose 32.4 per cent in the fourth quarter.

The quarter in brief

• Net sales amounted to SEK 156M, corresponding to an increase of 18 per cent in SEK and 16 per cent in local currencies. Organic growth amounted to 12 per cent and acquired growth was 4 per cent.
• Operating profit before depreciation (EBITDA) amounted to SEK 21M (14), corresponding to a margin of 13 per cent (10).
• Operating profit (EBIT) was SEK -16M and was affected by write-downs of the PrimECC project of
  SEK16M.
• The American heart preservation study conducted its first transplant during the quarter.
• The share price rose 20.0 per cent in the fourth quarter.

YEAR-END REPORT 2023

8

LISTED PORTFOLIO COMPANIES

www.yubico.com

Share of Bure's net asset value: 11.6%

Yubico is a global cybersecurity company that developed the YubiKey hardware, a security key that prevents account takeovers. Since the company was founded in 2007, it has been a leader in setting global standards for secure access to computers, mobile devices, servers, browsers and internet accounts.

Key figure1)	Q4	Q4
SEK m	2023	2022	2023	2022	2021
Net sales	560	469	1,844	1,561	867
Operating expenses	-465	-401	-1,650	-1,346	-934
EBIT	95	68	195	215	-67
EBIT margin	17.0%	14.4%	10.5%	13.8%	-7.7%
Net financial items	0	1	3	5	11
Profit/loss before tax	96	68	198	220	-56
Income tax expense	-17	41	-55	35	-4
Profit/loss for the period	78	110	142	256	-60
Net loan debt (-)/			508	232	199
receivable (+)
Total assets			1,474	1,122	735
Equity			1,142	733	436
Cash flow from operating			98	33	-53
activities
Average no. of employees			437	377	n/a

1) Key figures refer to Yubico. ACQ Bure is not included.

Facts at 31 December 2023	Largest shareholders
NAV: SEK 2,223M1)	Bure Equity	17.5%
Acquisition date: 2023	AMF Tjänstepension &
Board member from Bure:	Fonder	12.1%
Stina Ehrensvärd	10.2%
Patrik Tigerschiöld, chairman
Gösta Johannesson,	Others	60.2%
board member

1) Refers to shares and warrants in Yubico AB.

The quarter in brief

• Order intake increased by 83.5 percent to SEK 684M (373). Subscriptions accounted for 18.9 percent (17.2) of the bookings.
• Net sales increased by 19.5 percent more SEK 560M (469). In local currencies, the growth was 17.8 percent. Revenue from subscriptions was responsible 14.0 (11.5) percent of net sales.
• The gross profit amounted to SEK 466M (388), corresponding to a gross margin of 83.2 percent (82.8).
• Operating profit was SEK 95M (68), corresponding to a margin of 17.0 percent (14.4).
• The share price rose of 11.0 per cent in the fourth quarter.

YEAR-END REPORT 2023

9

UNLISTED PORTFOLIO COMPANIES

Unlisted portfolio companies

www.allgon.se

Share of Bure's net asset value: 5.1%

Allgon is a world-leading actor in industrial radio remote controls. The company develops, manufactures, and ­delivers industrial radio remote control solutions for customers worldwide.

Key figure	Q4	Q4
SEK m	2023	2022	2023	2022	2021
Net sales	178	159	708	617	527
Operating expenses	-158	-129	-600	-521	-467
EBIT	20	29	108	96	60
EBIT margin	11.1%	18.5%	15.3%	15.5%	11.4%
Net financial items	-4	-1	-15	-6	-21
Profit/loss before tax	16	28	93	89	39
Income tax expense	-8	-7	-19	-17	-4
Profit/loss from	8	21	74	73	35
remaining operations
Profit/loss from	-	-	-	-	40
discontinued operations
Profit/loss for the period	8	21	74	73	75
Net loan debt (-)/			-103	-172	-210
receivable (+)
Total assets			872	830	737
Equity			500	460	365
Cash flow from operating			115	60	40
activities
Average no. of employees			408	377	360

Facts at 31 December 2023	Largest shareholders
NAV: SEK 977M	Bure Equity	91.8%
Acquisition date: 2021	Management and board
Board member from Bure:	of Allgon	8.2%

Sophie Hagströmer, chairman

Oskar Hörnell, board member

The quarter in brief

• Net sales increased 12 per cent to SEK 178M (159).
• Operating profit was SEK 20M (29) corresponding to a margin of 11.1 per cent (18.5).
• Net debt was SEK 103M (172).

www.atle.se

Share of Bure's net asset value: 1.8%

Atle Investment Management invests in financial services­

and assets. The company owns 30.4% of Alcur Fonder, 100% of Atle Fund Services, 100% of Atle Investment Services, 20.1% of Fondbolaget Fondita, 66.7% of HealthInvest

Partners, 100% of Humle­ Fonder,­ 35.2% of Teknik Innovation

Norden Fonder­ (TIN Fonder) and holdings­ in equity funds.

Key figure	Q4	Q4
SEK m	2023	2022	2023	2022	2021
Net sales	0	0	0	0	0
Dividends	0	0	66	120	98
Fair value of financial	11	-4	11	11	58
assets
Management costs	-5	-2	-12	-8	-5
EBIT	7	-7	65	123	151
Net financial items	-2	-1	-7	-3	-1
Profit/loss before tax	5	-8	58	120	150
Income tax expense	0	0	0	0	0
Profit/loss for the period	5	-8	58	120	150
Net loan debt (-)/			-141	-73	-12
receivable (+) 1)
Total assets			389	284	229
Equity			204	191	187
Cash flow from operating			55	109	95
activities
Average no. of employees			2	1	1

1) Of which, SEK 147M is liable to Bure Equity as at 31 December 2023.

Facts at 31 December 2023	Largest shareholders
NAV: SEK 344M	Bure Equity	93.0%
Acquisition date: Established 2014	Gustav Ohlsson	7.0%
Board member from Bure:
Henrik Blomquist, chairman
Oskar Hörnell, board member

The quarter in brief

• Capital under management in Alcur Fonder, Fondita,
  HealthInvest Partners, Humle Fonder and TIN Fonder amounted to SEK 33 billion (34).
• Alcur Fonder was revalued by SEK 24M. Fondbolaget Fondita was revalued downwards by SEK 5M.
• Atle made a conditional shareholder contribution to HealthInvest Partners of SEK 5M.

YEAR-END REPORT 2023

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