Bure Equity

Quarterly Report • Nov 9, 2023

Interim period January–September 2023

• Net asset value was SEK 217.6 per share compared to SEK 196.3 at the beginning of the year, corresponding to an increase of 10.8 per cent.
• Bure's net asset value was SEK 16,135M compared to SEK 14,559M at the beginning of the year.
• Total return on the Bure share was -10.8 per cent compared to the SIX Return Index which rose 4.6 per cent.
• Group earnings after tax amounted to SEK 1,776M (-11,644). Earnings per share amounted to SEK 23.9 (-157.2).

Interim period July–September 2023

• Net asset value was SEK 217.6 per share compared to SEK 236.4 at the beginning of the quarter, corresponding to a decrease of 8.0 per cent.
• The merger between ACQ Bure and Yubico was completed. From 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 new issue for SEK 19M. ACQ Bure was subsequently renamed Yubico AB and listed on First North. Bure's holding in Yubico amounts to 15,041,943 shares, which corresponds to 17.5 per cent of the total number of shares. For further details, please see:
• Bure acquired 126,000 shares in Xvivo's rights issue for SEK 35M.
• Bure Growth acquired shares in BioLamina for SEK 62M and increased its holding to 51.7 per cent. The holding in BioLamina was revalued by SEK 353M.

Events after the balance sheet date

• Net asset value amounted to SEK 219.7 per share on November 8, 2023, which corresponds to an increase of 11.9 per cent since the beginning of the year.
• After the balance sheet date, Bure sold 3.7 million shares in Mycronic for SEK 870M. After the share sale, Bure's shareholding amounts to 23.1 percent.

Henrik Blomquist

CEO Bure Equity AB

The Swedish stock market lost ground during the third quarter of the year. The Six Return Index fell by a total of 6 per cent. Bure's net asset value per share also decreased 8 per cent during the period. Share price performance was weak in the majority of the listed portfolio companies. Both of Bure's core holdings – Mycronic and Vitrolife – decreased by 15 and 30 per cent, respectively. For the first nine months of the year, however, Bure's net asset value per share increased 11 per cent.

Yubico was listed on the Stockholm stock exchange on September 20th. The share was well received by the market and increased 20 per cent in the quarter. Following the merger with ACQ, Yubico is Bure's third largest holding and in conjunction with the listing the holding was moved from Bure Growth.

In September, Xvivo carried out a rights issue with a total value of SEK 440M. This decision was based on the fact that the company's commercial success now makes it possible to accelerate regulatory processes in the US. The company wants to advance its positions in a number of ways, including with the launch of a clinical trial for its Liver Assist technology and expanding its ongoing Heart Preservation study in the US. Bure participated in the rights issue with a total of SEK 35M.

Mycronic reported another strong quarter with higher turnover and improved earnings. Vitrolife reported stable results in Europe and Asia but continues to face challenges in the US. Bronwyn Brophy O'Connor took over as CEO on August 1st and I would like to take this opportunity to extend a warm welcome to her.

The increases in interest rates we have seen in the past year are now expected to be longer lasting than perhaps many initially expected. Lower growth and rising capital costs are challenging. The fact that a large majority of Bure's portfolio companies are profitable and have relatively low debt is therefore very encouraging. Since the end of the quarter, the share prices of several portfolio companies have recovered somewhat, which hopefully can also be part of a more general recovery on the stock market as interest rate rises level off.

Bure's net asset value and holdings

			2022/12/31					2023/09/30
SEK M		$%$ of capital	Net asset value	Value change	$(+/-)$ 1) Investment Disposal		Net asset value	% of net asset value	Net asset value per share, SEK
	Cavotec 3)	35.3%	450	40	58	$-2$	546	3.4%	7.4
	Mentice	14.7%	142	$-19$	$\equiv$	$\equiv$	123	0.8%	1.7
L 2 п	Mycronic	26.9%	5,153	795		$\overline{\phantom{a}}$	5,948	36.9%	80.2
$\overline{\mathbf{s}}$	Ovzon 4	12.5%	338	$-231$	50	$\overline{\phantom{a}}$	156	1.0%	2.1
T E	Vitrolife	15.9%	4,005	$-843$	$\equiv$	$\overline{\phantom{0}}$	3,162	19.6%	42.6
D	Xvivo Perfusion 5)	14.6%	799	400	35	$\overline{\phantom{0}}$	1,233	7.6%	16.6
	Yubico 6)	17.5%	718	444	837		2,000	12.4%	27.0
	Total listed holdings		11,605	585	980	$-2$	13,169	81.6%	177.6
$\mathbf{u}$	Allgon 7 )	91.8%	753	218			971	6.0%	13.1
$\mathbf N$ L.	Atle Investment Management 8)	93.0%	256	$-2$	66	$\equiv$	320	2.0%	4.3
т	Bure Growth 9)	100.0%	1,362	395	98	$-979$	876	5.4%	11.8
$\mathbf{s}$ $\mathbf{T}$	Mercuri International 10)	90.4%	68	$\overline{\phantom{m}}$	$\overline{\phantom{m}}$		68	0.4%	0.9
E D	Total unlisted holdings		2,438	611	164	$-979$	2,234	13.8%	30.1
	Total holdings		14,044	1,196	1,144	$-981$	15,403	95.5%	207.7
$\mathbf{T}$ $\mathbb{R}$ $\mathsf E$	Cash and cash equivalents, short-term investments and other assets 11)		515		216		731	4.5%	9.9
$\overline{A}$ $\mathbf S$	Total treasury		515		216		731	4.5%	9.9
$\cup$ ${\mathbf R}$ Y
	Total net asset value		14,559	1,196	1,360	$-981$	16,135	100.0%	217.6

1) Change in value including exit gains/losses.

2) Bure's number of shares at 30 September 2023: Cavotec 37,554,921, Mentice 3,761,659, Mycronic 26,317,163, Ovzon 6,984,629, Vitrolife 21,510,257, Xvivo Perfusion 4,367,504 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 to members of the Cavotec management team.

4) Bure subscribed to 1,123,595 shares in Ovzon's rights issue for SEK 50M.

5) Bure subscribed to 126,000 shares in Xvivo's rights issue for SEK 35M.

6) 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.

7) Bure's direct and indirect holding in Allgon amounts to 91.8 per cent. The holding was revalued by SEK 218M.

8) Atle made a conditional shareholder contribution to Atle Investment Services of SEK 8M. Atle paid an additional purchase price for Atle Investment Services and HealthInvest Partners of SEK 60M.

9) Bure Growth subscribed to 80,934 shares in ScandiNova Systems rights issue for SEK 36M. 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 divested 73,432 shares in Yubico following the exercise of call options and divested the remaining 2,710,370 shares in Yubico to Bure Equity in an internal transaction.

10) Fair value of equity and interest-bearing receivables.

11) 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.

Change in net asset value during 2023

Listed portfolio companies

Listed portfolio companies accounted for 81.6 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 1,564M to SEK 13,169M.

Value changes

Value changes due to fluctuations in share prices and exits during the period was SEK 585M.

Value changes in SEK M and share price performance 2023

Mycronic	795	15.4%
Yubico (shares + warrants)	444	24.6%
Xvivo Perfusion	400	50.0%
Cavotec	40	7.8%
Mentice	-19	-13.5%
Ovzon	-231	-61.1%
Vitrolife	-843	-21.1%
Total	585

Bure's comparison index, the SIX RX, rose 4.6 per cent.

Acquisitions

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

Bure acquired 1,123,595 shares in Ovzon's rights issue for SEK 50M.

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 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 13.8 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 204M to SEK 2,819M.

Acquisitions and value changes

Atle paid an additional purchase price for Atle Investment Services and HealthInvest Partners of SEK 60M.

Atle made a conditional shareholder contribution to Atle Investment Services of SEK 8M.

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

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

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 companies. Bure received dividends of SEK 18M from Allgon.

Treasury

The value of assets in Treasury increased SEK 216M to SEK 731M. Bure acquired financial assets for SEK 331M and divested financial assets for SEK 573M. Bure paid dividends of SEK 167M. The group received dividends of SEK 194M. Other changes amounting to SEK -53M were due to changes in working capital, value changes in short-term investments and administrative costs.

Assets in Treasury amounted to 4.5 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 74,252,057, 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.

	8 Nov 2023	30 Sep 2023	31 Dec 2022	31 Dec 2021
Share price, SEK	225.4	218.0	246.4	438.2
Dividend per share, SEK	2.25	2.25	2.25	2.0
Total return since year-end1)	-8.5%	-10.8%	-43.1%	50.1%
Net asset value per share, SEK	219.7	217.6	196.3	323.2
Development of NAV per share	11.9%	10.8%	-39.2%	34.9%
SIX Return Index	3.7%	4.6%	-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

Portfolio companies Jan – Sep 2023 and 2022
Listed SEK M		2023	2022
	Net sales	n/a	1,063
	EBIT	n/a	-30
	EBIT margin	n/a	-2.8%
	Holding	35.3%	35.4%
	Net sales	203	149
	EBIT	3	-31
	EBIT margin	1.4%	-20.5%
	Holding	14.7%	14.7%
	Net sales	3,738	3,622
	EBIT	632	632
	EBIT margin	16.9%	17.4%
	Holding	26.9%	26.9%
	Net sales	199	256
	EBIT	-81	-38
	EBIT margin	-40.7%	-15.0%
	Holding	12.5%	11.4%
	Net sales	2,607	2,379
	EBIT	526	486
	EBIT margin	20.2%	20.4%
	Holding	15.9%	15.9%
	Net sales	442	284
	EBIT	20	4
	EBIT margin	4.6%	1.4%
	Holding	14.3%	14.8%
	Net sales	n/a	1 561
	EBIT	n/a	215
	EBIT margin	n/a	13.8%
	Holding	17.5%	n/m

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

Unlisted SEK M		2023	2022
	Net sales	530	458
	EBIT	88	67
	EBIT margin	16.7%	14.5%
	Holding	91.8%	92.4%
	Net sales	0	0
	EBIT	58	130
	EBIT margin	n/m	n/m
	Holding	93.0%	93.0%
	Net sales	0	0
	EBIT	411	46
	EBIT margin	n/m	n/m
	Holding	100%	100.0%
	Net sales	229	224
	EBIT	-3	-8
	EBIT margin	-1.3%	-3.3%
	Holding	90.4%	90.4%

BURES INTERIM REPORT JANUARY – SEPTEMBER 2023

Listed portfolio companies

www.cavotec.com

Share of Bure's net asset value: 3.4%

Cavotec is a leading engineering group that designs and manufactures automated connection and electrification systems for ports and industrial applications worldwide.

Key figure1) EUR m	Q3 2023	Q3 2022	9 mth 2023	9 mth 2022	2022
Net sales	n/a	42	n/a	101	148
Operating expenses	n/a	-42	n/a	-104	-152
EBIT	n/a	0	n/a	-3	-5
EBIT margin	n/a	-1.1%	n/a	-2.8%	-3.0%
Net financial items	n/a	4	n/a	8	4
Profit/loss before tax	n/a	4	n/a	5	0
Income tax expense	n/a	-1	n/a	-2	-3
Profit/loss for the period continuing operations	n/a	-2	n/a	-3	-3
Profit/loss for the period discontinued operations	n/a	-5	n/a	-10	-11
Profit/loss for the period	n/a	-3	n/a	-6	-14
Net loan debt (-)/ receivable (+)			n/a	-23	-30
Total assets			n/a	158	168
Equity			n/a	51	44
Cash flow from operating activities			n/a	-3	21
Average no. of employees			n/a	636	640

1) Cavotec's interim report is published on 10 November 2023.

Facts at 30 September 2023	Largest shareholders
NAV: SEK 546M	Bure Equity	35.3%
Acquisition date: 2014	Thomas von Koch	17.5%
Board member from Bure: Patrik Tigerschiöld, chairman	Others	47.2%

The quarter in brief

• The share price increased 10.2 per cent during the third quarter of 2023.

www.mentice.com

Share of Bure's net asset value: 0.8%

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

Key figure SEK m	Q3 2023	Q3 2022	9 mth 2023	9 mth 2022	2022
Net sales	64	51	203	149	218
Operating expenses	-66	-58	-200	-180	-242
EBIT	-2	-7	3	-31	-24
EBIT margin		-3.2% -14.2%		1.4% -20.5% -11.0%
Net financial items	1	0	0	0	0
Profit/loss before tax	-2	-7	2	-31	-24
Income tax expense	2	0	-2	-2	-7
Profit/loss for the period	0	-8	0	-33	-31
Net loan debt (-)/ receivable (+)			63	13	31
Total assets			304	323	333
Equity			163	164	163
Cash flow from operating activities			45	-11	15
Average no. of employees			112	109	122

NAV: SEK 123M	Karin Howell-Bidermann	34.0%
Acquisition date: 2019	Bure Equity	14.7%
Board member from Bure:	Fjärde AP-fonden	6.9%
Gösta Johannesson, board member	Others	44.4%

• Order book was SEK 65M (50), corresponding to an increase of 30 per cent. Orderbook at the end of the period was SEK 129M (114).
• Net sales were SEK 64M (51), an increase of 25 per cent, of which 19 per cent was organic.
• Operating profit was SEK -2M (-7).
• The share price fell 12.8 per cent during the third quarter of 2023.

www.mycronic.com

Share of Bure's net asset value: 36.9%

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

Key figure SEK m	Q3 2023	Q3 2022	9 mth 2023	9 mth 2022	2022
Net sales	1,274	1,214	3,738	3,622	5,119
Operating expenses	-1,011			-1,011 -3,106 -2,990 -4,225
EBIT	263	203	632	632	894
EBIT margin	20.6%	16.7%	16.9%	17.4%	17.5%
Net financial items	5	-2	-5	-5	-4
Profit/loss before tax	268	201	627	627	890
Income tax expense	-64	-50	-138	-138	-154
Profit/loss for the period	204	151	489	489	737
Net loan debt (-)/ receivable (+)			1,524	639	1,004
Total assets			7,851	6,934	7,340
Equity			4,818	4,428	4,703
Cash flow from operating activities			1,045	416	853
Average no. of employees			2,024	1,987	2,002

Facts at 30 September 2023	Largest shareholders
NAV: SEK 5,948M	Bure Equity	26.9%
Acquisition date: 2010 via Skanditek	SEB Fonder	10.0%
	Fjärde AP-fonden	8.5%
Board member from Bure: Patrik Tigerschiöld, chairman	Others	54.6%

The quarter in brief

• Order book was SEK 1,467M (1,609), a reduction of 9 per cent. Total orders at the end of the period stood at SEK 4,669M (2,542).
• Net sales increased 5 per cent to SEK 1,274M (1,214).
• Operating profit amounted to SEK 263M (203), corresponding to an operating margin of 20.6 per cent (16.7).
• Mycronic received the first order for upgrades of previously installed display mask writers from gas laser to semiconductor laser from SK Electronics in Japan. Installation of semiconductor lasers results in substantial reductions in energy consumption.
• The share price fell 15.4 per cent during the third quarter of 2023.

www.ovzon.com

Share of Bure's net asset value: 1.0%

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

Key figure SEK m	Q3 2023	Q3 2022	9 mth 2023	9 mth 2022	2022
Net sales	73	78	199	256	357
Operating expenses	-102	-90	-280	-294	-438
EBIT	-29	-12	-81	-38	-81
EBIT margin				-39.7% -15.3% -40.7% -15.0% -22.7%
Net financial items	0	14	2	45	45
Profit/loss before tax	-29	2	-79	7	-36
Income tax expense	0	0	7	0	0
Profit/loss for the period	-30	2	-72	7	-36
Net loan debt (-)/ receivable (+)			-433	-161	-202
Total assets			2,072	1,991	1,922
Equity			1,504	1,422	1,393
Cash flow from operating activities			-24	-80	-112
Average no. of employees			44	46	43

Facts at 30 September 2023 Largest shareholders

NAV: SEK 156M	Bure Equity	12.5%
Acquisition date: 2018	Investment AB Öresund	12.1%
Board member from Bure:	Grignolino AB	11.3%
Patrik Tigerschiöld, board member	Others	64.1%

• Ovzon launched the new mobile satellite terminal Ovzon T7.
• Ovzon received an order from the Italian border guard for Ovzon SATCOM-as-a-Service and a contract renewal from Airbus Defence and Space on behalf of the British government.
• The share price fell 8.2 per cent during the third quarter of 2023.
• After the balance sheet date, a rights issue of SEK 250M was announced and Regina Donato Dahlström was appointed as the new chairman of the board.
• Ovzon announced that the launch of Ovzon 3 is expected to take place in December 2023.

www.vitrolife.com

Share of Bure's net asset value: 19.6%

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

Key figure SEK m	Q3 2023	Q3 2022	9 mth 2023	9 mth 2022	2022
Net sales	848	798	2,607	2,379	3,234
Operating expenses	-669			-621 -2,081 -1,893 -2,580
EBIT	179	177	526	486	654
EBIT margin		21.1% 22.2% 20.2%			20.4% 20.2%
Net financial items	-26	-29	-108	-54	-117
Profit/loss before tax	152	149	417	431	537
Income tax expense	-30	-41	-90	-110	-143
Profit/loss for the period	122	108	328	321	394
Net loan debt (-)/ receivable (+)			-1,378		-1,747 -1,563
Total assets				21,180 20,206 20,551
Equity				17,431 16,402 16,740
Cash flow from operating activities			586	470	636
Average no. of employees			1,079	1,103	1,117

Facts at 30 September 2023	Largest shareholders
NAV: SEK 3,162M	William Demant Invest A/S 28.7%
Acquisition date: 2010	Bure Equity	15.9%
via Skanditek	Swedbank Robur	4.4%
Board member from Bure: Henrik Blomquist, board member	Others	51.0%

The quarter in brief

• Net sales increased by 6 per cent to SEK 848M (798). In local currencies growth was 2 per cent and 3 per cent excluding divested activities.
• Operating profit before depreciation (EBITDA) amounted to SEK 287M (276), corresponding to a margin of 33.9 per cent (34.5).
• The share price fell 29.8 per cent during the third quarter of 2023.

www.xvivoperfusion.com

Share of Bure's net asset value: 7.6%

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

Key figure SEK m	Q3 2023	Q3 2022	9 mth 2023	9 mth 2022	2022
Net sales	147	97	442	284	415
Operating expenses	-141	-101	-421	-280	-409
EBIT	5	-5	20	4	6
EBIT margin	3.6%	-4.8%	4.6%	1.4%	1.5%
Net financial items	-4	8	9	15	16
Profit/loss before tax	1	3	29	20	22
Income tax expense	1	2	-6	-2	-4
Profit/loss for the period	2	5	23	18	18
Net loan debt (-)/ receivable (+)			569	317	237
Total assets			2,237	1,641	1,733
Equity			1,928	1,382	1,430
Cash flow from operating activities			28	6	28
Average no. of employees			144	118	133

Facts at 30 September 2023 Largest shareholders

NAV: SEK 1,233M Acquisition date: Lex Asea distribution from Vitrolife in 2012 Board member from Bure:

Bure Equity 14.3% Fjärde AP-fonden 9.0% Swedbank Robur Fonder 7.8% Others 68.9%

Gösta Johannesson, chairman

• Net sales amounted to SEK 442M, corresponding to an increase of 51 per cent in SEK and 42 per cent in local currencies. Organic growth amounted to 37 per cent and acquired growth 5 per cent.
• Operating profit before depreciation (EBITDA) amounted to SEK 19M (6), corresponding to a margin of 13 per cent (6).
• Xvivo carried out a directed rights issue of SEK 440M mainly to finance studies in heart and liver preservation and obtain PMA-approval in the US. Bure acquired 190,000 shares in Xvivo's rights issue for SEK 19M.
• The share price fell 9.6 per cent during the third quarter of 2023.

Share of Bure's net asset value: 12.4%

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 figure 1) SEK m	Q3 2023	Q3 2022	9 mth 2023	9 mth 2022	2022
Net sales	n/a	n/a	n/a	n/a	1,561
Operating expenses	n/a	n/a	n/a		n/a -1,346
EBIT	n/a	n/a	n/a	n/a	215
EBIT margin	n/a	n/a	n/a		n/a 13.8%
Net financial items	n/a	n/a	n/a	n/a	5
Profit/loss before tax	n/a	n/a	n/a	n/a	220
Income tax expense	n/a	n/a	n/a	n/a	35
Profit/loss for the period	n/a	n/a	n/a	n/a	256
Net loan debt (-)/ receivable (+)			n/a	n/a	232
Total assets			n/a	n/a	1,122
Equity			n/a	n/a	733
Cash flow from operating activities			n/a	n/a	33
Average no. of employees			n/a	n/a	n/a

1) Yubico's interim report is published on 10 November 2023. Key figures refer to Yubico. ACQ Bure is not included.

Facts at 30 September 2023	Largest shareholders
NAV: SEK 2,000M1)	Bure Equity	17.5%
Acquisition date: 2023	AMF Tjänstepension & Fonder	10.9%
Board member from Bure: Patrik Tigerschiöld, chairman	Stina Ehrensvärd	10.2%
Gösta Johannesson, board member	Others	61.4%

1) Refers to shares and warrants in Yubico AB.

• The merger between ACQ Bure and Yubico was completed. Bure acquired the holding in Yubico in an internal transaction from Bure Growth for SEK 971 million. From the merger between ACQ Bure and Yubico, Bure received a merger consideration of 7,851,942 shares in ACQ Bure and SEK 564 million.
• ACQ Bure carried out a placement of shares and a rights issue for a total of SEK 344M. Bure acquired an additional 190,000 shares in ACQ Bure for SEK 19 million. ACQ Bure was subsequently renamed Yubico AB and listed on the First North. Bure's holding in Yubico amounts to 15,041,943 shares, which corresponds to 17.5 per cent of the total number of shares.
• The share price increased 19.9 per cent during the third quarter of 2023.

Unlisted portfolio companies

www.allgon.se

Share of Bure's net asset value: 6.0%

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 SEK m	Q3 2023	Q3 2022	9 mth 2023	9 mth 2022	2022
Net sales	171	146	530	458	617
Operating expenses	-146	-129	-442	-392	-521
EBIT	25	18	88	67	96
EBIT margin		14.5% 12.2%	16.7%	14.5%	15.5%
Net financial items	-5	-3	-11	-5	-6
Profit/loss before tax	19	15	77	61	89
Income tax expense	-4	-2	-11	-10	-17
Profit/loss for the period	16	13	66	52	73
Net loan debt (-)/ receivable (+)			-149	-164	-172
Total assets			891	823	830
Equity			507	449	460
Cash flow from operating activities			76	31	60
Average no. of employees			407	379	377

Facts at 30 September 2023	Largest shareholders
NAV: SEK 971M	Bure Equity	91.8%
Acquisition date: 2021	Management and board
Board member from Bure: Sophie Hagströmer, chairman Oskar Hörnell, board member	of Allgon	8.2%

The quarter in brief

• Net sales increased 17 per cent to SEK 171M (146).
• Operating profit was SEK 25M (18), corresponding to a margin of 14.5 per cent (12.2).
• Net debt was SEK 149M (164).

www.atle.se

Share of Bure's net asset value: 2.0%

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 SEK m	Q3 2023	Q3 2022	9 mth 2023	9 mth 2022	2022
Net sales	0	0	0	0	0
Dividends	4	4	66	120	120
Fair value of financial assets	-2	-1	0	15	11
Management costs	-3	-2	-8	-6	-8
EBIT	-1	2	58	130	123
Net financial items	-1	-1	-5	-2	-3
Profit/loss before tax	-2	1	53	128	120
Income tax expense	0	0	0	0	0
Profit/loss for the period	-2	1	53	128	120
Net loan debt (-)/ receivable (+) 1)			-139	-61	-73
Total assets			354	283	284
Equity			199	199	191
Cash flow from operating activities			48	115	109
Average no. of employees			2	1	1

1) Of which, SEK 149M is liable to the Parent Company as at 30 September 2023.

Facts at 30 September 2023 Largest shareholders

NAV: SEK 320M	Bure Equity	93.0%
Acquisition date: Established 2014	Gustav Ohlsson	7.0%
Board member from Bure:
Henrik Blomquist, chairman
Oskar Hörnell, board member

• Managed capital in Alcur Fonder, Atle Investment Services, Fondita, HealthInvest Partners, Humle Fonder and TIN Fonder decreased to SEK 32 billion compared to SEK 33 billion at the beginning of the year.
• Atle received dividends of SEK 4M for the first half of 2023 from Fondita.

Share of Bure's net asset value: 5.4%

Bure Growth is a wholly owned company that invests in development companies. The company owns 51.7% in BioLamina, 30.4% in My Driving Academy Sweden, 28.1% in ScandiNova Systems.

Key figure SEK m	Q3 2023	Q3 2022	9 mth 2023	9 mth 2022	2022
Net sales	0	0	0	0	0
Fair value of financial assets	353	0	411	46	46
Administrative expense	0	0	0	0	0
EBIT	353	0	411	46	46
Net financial items	0	0	0	0	0
Profit/loss before tax	353	0	411	46	46
Income tax expense	0	0	0	0	0
Profit/loss for the period	353	0	411	46	46
Net loan debt (-)/ receivable (+) 1)			431	-449	-449
Total assets			1,307	1,362	1,362
Equity			1,305	894	894
Cash flow from operating activities			0	0	0
Average no. of employees			0	0	0

1) Of which, SEK 423M is a claim on Bure Equity as at 30 September 2023.

Facts at 30 September 2023	Largest shareholders
NAV: SEK 876M	Bure Equity	100.0%
Acquisition date: Established 2015
Board member from Bure: Henrik Blomquist, chairman Sophie Hagströmer, board member Max Jonson, board member

The quarter in brief

• Bure Growth acquired shares in BioLamina for SEK 62M and increased its holding to 51.7 per cent. The holding in BioLamina was revalued by SEK 353M.
• Prior to the merger between ACQ Bure and Yubico, Bure Growth divested its holding in Yubico to Bure in an internal transaction for SEK 971M.

Share of Bure's net asset value: 0.4%

Mercuri International is a leading sales and management training consultancy and is present worldwide.

Key figure SEK m	Q3 2023	Q3 2022	9 mth 2023	9 mth 2022	2022
Net sales	58	63	229	224	325
Operating expenses	-67	-72	-232	-232	-323
EBIT	-9	-9	-3	-8	2
EBIT margin		-15.0% -13.8%	-1.3%	-3.3%	0.5%
Net financial items	-3	0	-4	-2	-1
Profit/loss before tax	-11	-8	-6	-5	1
Income tax expense	0	0	0	-2	-6
Profit/loss for the period	-11	-8	-6	-7	-5
Net loan debt (-)/ receivable (+)1)			-110	-105	-92
Total assets			326	332	346
Equity			117	105	118
Cash flow from operating activities			-15	-19	-8
Average no. of employees			183	199	194

1) Of which, SEK 33M is liable to the Bure Equity as at 30 September 2023.

Facts at 30 September 2023	Largest shareholders
NAV: SEK 68M1)	Bure Equity	90.4%
Acquisition date: 1998	Others	9.6%
Board member from Bure: Henrik Blomquist, chairman

1) Fair value of equity and interest-bearing receivables.

• Sales decreased 8 per cent to SEK 58M (63).
• EBIT was SEK -9M (-9) and EBIT margin was -15.0 per cent (-13.8).

Interim report January – September 2023

Bure is an investment entity, which means that the holdings varies in line with its acquisitions and divestitures. Since this makes the Group's consolidated statements difficult to analyse, the development and financial position of the companies should also be analysed on an individual basis. More detailed information on portfolio companies are presented on pages 6–11.

Consolidation principles from 1January 2021

Bure Equity is an investment entity in accordance with IFRS 10 – Investment entity.

An investment company does not consolidate subsidiaries in accordance with IFRS 10 Consolidated Financial Statements and does not apply IFRS 3 Business Combinations, with the exception of subsidiaries that are active in investment activities. An investment entity values portfolio companies at fair value in accordance with IFRS 9 Financial Instruments.

Since 1 January 2021, the Bure Group consists of the parent company Bure Equity AB, Atle Investment Management AB, and Bure Growth AB. For more information, please see Note 1 – Accounting principles.

GROUP

Results for the third quarter of 2023

Group earnings from investment activities amounted to SEK -1,363M (-2,432). Dividends amounted to SEK 4M (4). Fair value changes from financial assets amounted to SEK -1,367M -2,438). Operating profit for the period was SEK -1,377M (-2,444). Net financial items amounted to SEK 3M (2). Profit after financial items was SEK -1,374M (-2,442). Profit after tax was SEK -1,374M (-2,442). Other comprehensive income included translation

differences of SEK 0M (0).

Results for January – September 2023

Group earnings from investment activities amounted to SEK 1,824M (-11,588). Dividends amounted to SEK 194M (217). Fair value changes from financial assets amounted to SEK1,625M (-11,809). Operating profit for the period was SEK 1,768M (-11,652). Net financial items amounted to SEK 8M (8).

Profit after financial items was SEK 1,776M (-11,644). Profit after tax was SEK 1,776M (-11,644). Other comprehensive income included translation differences of SEK 0M (0).

Financial position

Group equity at the end of the period amounted to SEK 16,156M (12,138) and the equity to assets ratio was 100 per cent (100). At the end of the period , the group had reported net receivables of SEK 671M (465), which consisted of interest-bearing assets of SEK 674M (468) and interest-bearing liabilities of SEK 3M (3). Group equity per share amounted to SEK 217.6 compared to SEK 195.9 per share on December 31, 2022.

PARENT COMPANY Results for the third quarter of 2023

Earnings from investment activities was SEK 1,717M (-2,436).

Dividends amounted to SEK 0M (0). Fair value changes from financial assets amounted to SEK 1,718M (-2,437).

Administrative costs amounted to SEK 12M (10). Net financial items amounted to SEK 4M (3). Profit after tax was SEK1,725M (-2,443).

Results for January – September 2023

Earnings from investment activities was SEK 1,389M (-11,663). Dividends amounted to SEK 171M (202). Fair value changes from financial assets amounted to SEK 1,214M (-11,870). Administrative costs amounted to SEK 49M (58). Net financial items amounted to SEK 13M (9). Profit after tax was SEK 1,354M (-11,712).

Financial position

Equity in the Parent Company at the end of the period amounted to SEK 14,673M (11,066) and the equity to assets ratio was 97 per cent (100). At the end of the period, the Parent Company had a reported net receivables of SEK 794M (526), which consisted of interest-bearing assets of 797M (529) and interest-bearing liabilities of SEK 3M (3). Receivables from Atle Investment Management and Bure Growth amounted to SEK 149M (530).

Group acquisitions and disposals

The merger between ACQ Bure and Yubico was completed. Bure acquired the holding in Yubico in an internal transaction from Bure Growth for SEK 971 million. From the merger between ACQ Bure and Yubico, Bure received a merger consideration of 7,851,942 shares in ACQ Bure and SEK 564 million. Bure acquired an additional 190,000 shares in ACQ Bure's placement of shares and new issue for SEK 19 million. ACQ Bure was subsequently 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.

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

Bure acquired 1,123,595 shares in Ovzon's rights issue for SEK 50M.

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

Atle paid an additional purchase price for Atle Investment Services and HealthInvest Partners of SEK 60M.

Atle made a conditional shareholder contribution to Atle Investment Services of SEK 8M.

Bure Growth subscribed to shares for SEK 36M in ScandiNova Systems' rights issue. The holding was revalued by SEK 61M due to the transaction.

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

Bure issued 150,000 purchase options and divested 175,000 shares in Cavotec to members of the Cavotec management team for a total of SEK 3M.

Group loss carryforward

Group loss carryforward at the end of 30 September 2023 amounted to SEK 789M, of which SEK 762M pertained to the Parent Company. Losses attributable to Sweden amounted to SEK 789M and are perpetual. The deferred tax asset based on loss carryforwards in the Group has been valued at SEK 0M (0).

Currency exposure

The majority of consolidated revenue is denominated in SEK and EUR. Underlying costs are generally incurred in the same currency as revenues, thereby limiting transaction exposure.

Related party transactions

ACQ Bure AB (publ.) was a Swedish acquisition company listed on the Nasdaq Stockholm. Bure's ownership stake holding in ACQ Bure amounted to 20 per cent. Between December 21, 2020 and September 20, 2023,

Henrik Blomquist, (Bure Equity CEO), was also CEO on a consulting basis in ACQ Bure, Max Jonson, (Bure Equity CFO), was CFO on a consulting basis in ACQ Bure and Oskar Hörnell, (Investment Manager in Bure Equity), was active on a consulting basis in ACQ Bure. Bure Equity further assisted ACQ Bure with investment advisory services. These contracts were entered into on market terms. Bure Equity invoiced ACQ Bure from April 1, 2021 to September 20, 2023. Invoicing ended with the merger of ACQ Bure and Yubico AB on September 20, 2023. No other transactions with related parties took place during the period.

Ownership structure

Bure's largest shareholders on 30 September 2023 were Patrik Tigerschiöld including related parties with 10.4 per cent, AMF Tjänstepension & Fonder 9.9 per cent, the Björkman family including foundations with 8.2 per cent, Fjärde AP-fonden 7.8 per cent and SEB Investment Management 6.1 per cent. According to Euroclear, the number of shareholders on 30 September 2023 was 56,178.

Events after the balance sheet date

After the balance sheet date, Bure sold 3.7 million shares in Mycronic for SEK 870M. After the share sale, Bure's shareholding amounts to 23.1 percent.

Significant risks and uncertainties

In view of the rapid on the financial markets, special emphasis is placed on monitoring the effects of Bure's investments and their valuations. Bure has a number of basic principles regarding the management of risk. Bure's financial policy states that the Parent Company shall be essentially debt-free. Furthermore, each portfolio company shall be financially independent from the Parent Company, which means that the Parent Company is not financially liable for portfolio companies' obligations, and that portfolio companies are responsible for their own financing.

Financing of respective portfolio companies shall be appropriate to each company's specific circumstances, such that overall risk is managed through a balance between operational and financial risk.

Bure's 2022 annual report provides a detailed description of the Group's risk exposure and risk management in the administration report and in Note 15. Bure's assessment is that no significant risks have arisen other than those described in the annual report and in this interim report. This interim report has not been subject to review by the auditors.

Stockholm 9 November 2023

Bure Equity AB (publ) Henrik Blomquist, CEO

Auditor's report

Introduction

We have reviewed the condensed interim financial information (interim report) of Bure Equity AB (publ) as of 30 September 2023 and the nine-month period then ended. The board of directors and the CEO are responsible for the preparation and presentation of the interim financial information in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.

Scope of Review

We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Report Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing, ISA, and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act, regarding the Group, and with the Swedish Annual Accounts Act, regarding the Parent Company.

Stockholm, 8 November 2023

Öhrlings PricewaterhouseCoopers AB

Magnus Svensson Henryson Authorized Public Accountant

Statement of comprehensive income

SEK M	Q3 2023	Q3 2022	9 mth 2023	9 mth 2022	Full year 2022
Operating income
Net sales	0	0	0	0	0
Dividends	4	4	194	217	217
Fair value financial assets	-1,367	-2,438	1,625	-11,809	-9,390
Other operating income	0	1	5	5	7
Total operating income	-1,363	-2,432	1,824	-11,588	-9,166
Operating expenses
Other external expenses	-4	-5	-19	-20	-26
Personnel costs	-9	-6	-34	-40	-49
Amortization and write-downs of intangible and
tangible fixed assets	-1	-1	-4	-3	-4
Total operating expenses	-14	-12	-56	-64	-80
Operating profit/loss	-1,377	-2,444	1,768	-11,652	-9,246
Interest income and similar profit/loss items	3	2	8	8	12
Interest expenses and similar profit/loss items	0	0	0	0	0
Profit/loss after financial items	-1,374	-2,442	1,776	-11,644	-9,235
Tax on income for the period	0	0	0	0	0
Income for the period	-1,374	-2,442	1,776	-11,644	-9,235
Other comprehensive income
Items that can be subsequently re-entered onto
the income statement
Translation differences	0	0	0	0	0
Other comprehensive income for the period, after tax	0	0	0	0	0
Total income for the period	-1,374	-2,442	1,776	-11,644	-9,235
Profit/loss attributable to non-controlling interests	0	0	4	9	8
Profit/loss attributable to owners of the Parent Company	-1,374	-2,442	1,772	-11,653	-9,243
Comprehensive income attributable to non-controlling interests	0	0	4	9	8
Comprehensive income attributable to non-controlling interests	-1,374	-2,442	1,772	-11,653	-9,243
Average number of outstanding shares before dilution, thousands1)	74,147	74,147	74,147	74,147	74,147
Average number of outstanding shares post dilution, thousands1)	74,252	74,147	74,252	74,147	74,161
Earnings per share attributable to the parent company's shareholders before dilution, SEK1)	-18.53	-32.94	23.90	-157.16	-124.66
Earnings per share attributable to the parent company's shareholders post dilution, SEK1)	-18.53	-32.94	23.86	-157.16	-124.66

1) As of 30 September 2023 and 31 December 31, 2022, the number of possible additional ordinary shares amounts to 105,136. No dilutive effect as of 30 September 2022.

Statement of financial position

SEK M	30 September 2023	30 September 2022	31 December 2022
Assets
Intangible and tangible fixed assets	34	29	36
Financial assets valued at fair value via the income statement	15,343	11,564	14,027
Long-term interest-bearing receivables	41	32	41
Long-term non-interest-bearing receivables	1	1	1
Financial assets	15,384	11,596	14,069
Total fixed assets	15,419	11,625	14,105
Short-term interest-bearing receivables	1	2	2
Other non-interest-bearing receivables	9	9	4
Financial investments	115	101	116
Cash and cash equivalents	632	435	416
Total current assets	758	547	538
Total assets	16,177	12,172	14,643
of which, interest-bearing assets	674	468	459
Equity and liabilities
Equity attributable to owners of the Parent Company	16,142	12,124	14,535
Equity attributable to non-controlling interests	14	14	13
Total equity	16,156	12,138	14,548
Provisions	2	19	19
Non-current liabilities	2	2	53
Current liabilities	17	13	23
Total liabilities	21	34	95
Total equity and liabilities	16,177	12,172	14,643
of which, interest-bearing liabilities	3	3	3

Statement of changes in equity

Share capital	Other contributed capital	Reserves	Retained earnings incl. profit for the period	Total	Non-controlling interests	Total equity
576	1,660	-60	21,768	23,943	13	23,956
–	–	–	-9,243	-9,243	8	-9,235
–	–	–	0	0	–	0
–	–	–	1	1	–	1
1	–	–	–	1	–	1
–	–	–	-1	-1	–	-1
–	–	–	-167	-167	–	-167
–	–	–	–	–	-8	-8
577	1,660	-60	12,359	14,535	13	14,548
577	1,660	-60	12,359	14,535	13	14,548
–	–	–	1,772	1,772	4	1,776
–	–	–	0	0	–	0
–	–	–	1	1	–	1
–	–	–	1	1	–	1
–	–	–	-167	-167	–	-167
–	–	–	–	–	-3	-3
577	1,660	-60	13,966	16,142	14	16,156
				Attributable to Bure Equity AB's shareholders

Statement of cash flows

	Q3	Q3	9 mth	9 mth	Full year
SEK M	2023	2022	2023	2022	2022
Cash flow from operating activities before changes in working capital	404	-3	565	184	176
Cash flow from changes in working capital	-19	-10	-29	-15	0
Cash flow from operating activities	385	-12	536	169	176
Cash flow from investing activities	61	0	-98	115	39
Cash flow from financing activities	1	0	-221	-176	-125
Cash flow for the period	448	-13	217	109	90
Cash and cash equivalents at beginning of period	185	448	416	326	326
Cash flow for the period	448	-13	217	109	90
Translation differences	0	0	0	0	0
Cash and cash equivalents at end of period	632	435	632	435	416

Income statement

SEK M	Q3 2023	Q3 2022	9 mth 2023	9 mth 2022	Full year 2022
Investment activities
Dividends	–	–	171	202	202
Fair value financial assets	-1,718	-2,437	1,214	-11,870	-9,446
Other income	0	1	5	5	7
Total income	-1,717	-2,436	1,389	-11,663	-9,237
Personnel costs	-8	-5	-31	-37	-46
Other external expenses	-3	-4	-16	-19	-24
Depreciation of property, plant and equipment	-1	-1	-2	-2	-2
Total management costs	-12	-10	-49	-58	-72
Operating profit/loss	-1,729	-2,446	1,341	-11,721	-9,309
Financial income and expenses
Interest income and similar profit/loss items	4	3	13	9	15
Interest expenses and similar profit/loss items	0	0	0	0	0
Total financial income and expenses	4	3	13	9	15
Financial income and expenses	-1,725	-2,443	1,354	-11,712	-9,294
Tax on income for the period	0	0	0	0	0
Profit/loss for the period1)	-1,725	-2,443	1,354	-11,712	-9,294
Average number of outstanding shares before dilution, thousands2)	74,147	74,147	74,147	74,147	74,147
Average number of outstanding shares post dilution, thousands2)	74,252	74,147	74,252	74,147	74,161
Average number of employees	8	9	8	8	9

1) Corresponds to comprehensive income.

2) As of 30 September 2023 and of 31 December 2022, the number of possible additional ordinary shares amounts to 105,136.

No dilutive effect as of 30 September 2022.

Statement of financial position

SEK M	30 September 2023	30 September 2022	31 December 2022
Assets
Property, plant and equipment	8	8	8
Financial assets valued at fair value via the income statement	14,175	9,967	12,394
Shares in group companies	21	21	21
Long-term interest-bearing receivables	33	32	33
Long-term non-interest-bearing receivables	1	1	1
Financial assets	14,230	10,021	12,448
Total fixed assets	14,238	10,029	12,456
Short-term interest-bearing receivables	150	83	83
Other non-interest-bearing receivables	15	461	456
Short-term investments	97	94	98
Cash and cash equivalents	615	415	408
Total current assets	876	1,052	1,045
Total assets	15,114	11,080	13,501
of which, interest-bearing assets	797	529	523
Equity and liabilities
Total equity	14,673	11,066	13,484

Provisions	0	0	0
Non-current liabilities	2	2	2
Current liabilities	439	12	15
Total liabilities	441	14	17
Total equity and liabilities	15,114	11,080	13,501
of which, interest-bearing liabilities	3	3	3

Statement of changes in equity

	Q3	Q3	9 mth	9 mth	Full year
SEK M	2023	2022	2023	2022	2022
Equity at beginning of period	16,397	13,509	13,484	22,944	22,944
Share-related remuneration LTIP 2022	0	–	1	–	1
Share-related remuneration LTIP 2023	0	–	1	–	–
Issue of class C shares	–	–	–	–	1
Buyback of class C shares	–	–	–	–	-1
Cash dividend	–	–	-167	-167	-167
Profit/loss for the period	-1,725	-2,443	1,354	-11,712	-9,294
Closing balance equity	14,673	11,066	14,673	11,066	13,484

Statement of cash flows

	Q3	Q3	9 mth	9 mth	Full year
SEK M	2023	2022	2023	2022	2022
Cash flow from operating activities before changes in working capital	404	-5	554	173	169
Cash flow from changes in working capital	-1	-10	-8	-16	-10
Cash flow from operating activities	403	-16	547	157	159
Cash flow from investing activities	-388	0	-596	130	121
Cash flow from financing activities	425	-1	257	-168	-168
Cash flow for the period	440	-16	207	119	112
Cash and cash equivalents at beginning of period	175	431	408	296	296
Cash flow for the period	440	-16	207	119	112
Cash and cash equivalents at end of period	615	415	615	415	408

Multi-year overview

Data per share 1)	30 September 2023	2022	2021	2020	2019
Net asset value, SEK2)	217.6	196.3	323.2	239.6	196.6
Share price, SEK	218.0	246.4	438.2	293.6	212.0
Share price as a percentage of net asset value	100%	125%	136%	123%	108%
Parent Company basic equity per share, SEK	197.6	181.6	309.4	226.8	183.6
Parent Company equity per share excl. buybacks, SEK	197.9	181.9	309.4	226.8	183.6
Group basic equity per share, SEK	217.6	195.9	323.1	238.7	196.8
Group equity per share excl. buybacks, SEK	217.9	196.2	323.1	238.7	196.8
Group basic earnings per share, SEK3)	23.9	-124.7	85.8	45.1	61.3
Number of shares, thousands	74,252	74,252	74,147	74,147	68,972
Number of shares excluding share buybacks, thousands	74,147	74,147	74,147	74,147	68,972
Average basic number of shares, thousands	74,252	74,161	74,147	71,757	68,972
Key figures
Dividend, SEK per share	2.25	2.25	2.0	1.0	2.0
of which, extraordinary dividend, SEK per share	–	–	–	–	–
Direct return	1.0%	0.9%	0.5%	0.3%	0.9%
Total return	-10.8%	-43.1%	50.1%	39.2%	97.9%
Market capitalisation, SEK M	16,164	18,270	32,491	21,770	14,622
Net asset value, SEK M	16,135	14,559	23,964	17,763	13,563
Return on equity	9.6%	-48.0%	31.3%	22.0%	35.6%
Management expenses/Net asset value	0.40%	0.49%	0.30%	0.29%	0.33%
Parent Company results and financial position
Profit/loss after tax, SEK M	1,354	-9,294	6,237	3,242	3,850
Total assets, SEK M	15,114	13,501	22,972	16,845	12,688
Equity, SEK M	14,673	13,484	22,944	16,819	12,662
Equity/assets ratio	97%	100%	100%	100%	100%
Cash and cash equivalents and short-term investments, SEK M	712	506	417	1,460	800
Consolidated profit and financial position
Net sales, SEK M	0	0	0	267	382
Profit/loss after tax, SEK M	1,776	-9,235	6,362	3,236	4,229
Total assets, SEK M	16,177	14,643	24,004	17,935	13,786
Equity, SEK M	16,156	14,548	23,956	17,702	13,573
Equity/assets ratio	100%	99%	100%	99%	98%
Net loan debt (-)/receivable (+), SEK M	671	456	469	1,166	648
Average number of employees	9	10	9	229	226

1) All historical data per share have been adjusted for shares in issue with a time-weighting factor as prescribed by IAS 33.

2) Net asset value consists of the market value of Bure's listed and unlisted holdings, short term investments, other net assets and cash and cash equivalents. 3) As of 30 September 2023 and of 31 December 2022, the number of possible additional ordinary shares amounts to 105,136. There was no dilution effect during the periods.

Notes

Note 1 – Accounting policies

Bure applies International Financial Reporting Standards (IFRS) as endorsed for application in the EU. This interim report has been prepared in compliance with IAS 34, Interim Financial Reporting, the Swedish Annual Accounts Act and the Swedish Financial Reporting Board's recommendation RFR 2, Accounting for Legal Entities.

Group consolidation principles

Bure Equity is an investment entity in accordance with IFRS 10 – Investment entity.

An investment entity does not consolidate subsidiaries in accordance with IFRS 10 Consolidated Financial Statements and does not apply IFRS 3 Operating Acquisitions with the exception of subsidiaries that are active in investing activities. An investment entity values portfolio companies at fair value in accordance with IFRS 9 Financial Instruments.

Since 1 January 2021, the Bure Group consists of the parent company Bure Equity AB, Atle Investment Management AB and Bure Growth AB.

Parent company accounting principles

The parent company's investments in companies and other financial assets are reported at fair value as profit and loss in the same way as for the group.

Note 4 – Financial instruments

Fair value and book value of financial assets and liabilities Fair value has been calculated for all financial assets and liabilities in accordance with IFRS 13. Fair value is estimated to be equal to the book value of accounts receivable and other receivables, other current receivables, cash and other cash and cash equivalents, accounts payable, and other liabilities and borrowing. Book value less write-downs is an estimated fair value for accounts receivable and accounts payable. For long-term non-interest-bearing liabilities, fair value has been calculated by discounting future cash flows with current market interest rates regarding the term of the debt.

The investment entity's financial assets and liabilities are classified in accordance with IFRS 13 in the following three categories

Level 1: Listed prices in an active market for identical assets or liabilities.

• Level 2: Other observable data for the asset or liability other than listed prices included in Level 1, either directly or indirectly.
• Level 3: Data for the asset or liability that are not in their entirety based on observable market data.

Bure reports listed holdings at fair value with changes in value in the income statement (Level 1). Bure's listed holdings consist of Cavotec SA, Mentice AB, Mycronic AB, Ovzon AB, Vitrolife AB, Xvivo Perfusion AB,

For further information on accounting and valuation principles, please see Note 1 in the 2022 annual report.

New accounting principles applied from 1 January 2023: revised or amended IFRS standards are not considered to have any significant impact on earnings or balance statements. Bure continuously updates its analysis of upcoming changes.

Note 2 – Segment reporting

All activities in the entity are considered to constitute a single segment.

Note 3 – Effects of changed estimates and assessments

Important estimates and assessments are presented in Note 1 in the 2022 annual report. No changes to these estimates and assessments have been that could have a significant impact on the current interim report.

and Yubico AB. Bure reports investments in unlisted companies (Level 3) at fair value.

Unlisted companies include Allgon AB, Alcur Fonder AB, AMIP AB, Atle Fund Services AB, Atle Investment Services AB, BioLamina AB, Fondbolaget Fondita AB, HealthInvest Partners AB, Mercuri International Group AB, My Driving Academy Sweden AB, ScandiNova Systems AB, and Technology Innovation Norden Fonder AB. In 2023, in conjunction with the merger of ACQ Bure and Yubico, the holding in Yubico has been moved from Level 3 to Level 1.

Bure has chosen to market value all financial assets based on International Private Equity and Venture Capital Valuation Guidelines (IPEV). The guidelines describe a number of methods for determining the fair value of each holding. Considerable emphasis is placed on recently completed market transactions in the company, e.g., share issues or the acquisition of existing shares. Transactions in comparable companies can also be used. Other valuation methods include discounting of forecast cash flows with relevant discount rates and applying valuation multiples such as EV/Sales, EV/EBITDA, EV/EBITA, EV/EBIT, PER and P/AuM which are adjusted to take into account differences in market, business, and risk. In general, a liquidity discount is also applied for unlisted assets. Valuation takes place on an ongoing basis and is published in conjunction with quarterly reports.

Real value hierarchy, Group

		30 September 2023					30 September 2022			31 December 2022
SEK M		Level 1 Level 2 Level 3		Total		Level 1 Level 2 Level 3		Total		Level 1 Level 2 Level 3		Total
Financial assets Financial assets at fair value from the income statement	12,944	225		2,174 15,343	9,071	51		2,441 11,564	11,550	55		2,422 14,027
Other long-term receivables	1	–	41	42	1	–	32	33	1	–	41	42
Financial investments	115	–	–	115	101	–	–	101	116	–	–	116
Total financial assets	13,060	225		2,215 15,500	9,173	51		2,473 11,697	11,667	55		2,463 14,185
Financial liabilities Leasing liabilities	–	–	3	3	–	–	3	3	–	–	3	3
Other long-term liabilities	1	–	–	1	1	–	–	1	1	–	51	52
Accrued expenses and prepaid income	–	–	11	11	–	–	11	11	–	–	11	11
Total financial liabilities	1	–	15	15	1	–	14	15	1	–	65	66

Note 4 – Financial instruments (cont.)

Valuation of unlisted assets at 30 September 2023

SEK M	Holding	Group book value	Valuation model
Holdings in Bure Equity AB
Allgon AB and AMIP AB	91.1% / 7.5%	971	EV/EBIT, PER
Mercuri International Group AB	90.4%	68	EV/EBIT, DCF
Holdings in Atle Investment Management AB		292
Alcur Fonder AB	30.4%		P/AuM
Atle Fund Services AB	100.0%		Accrued acquisition value
Atle Investment Services AB	100.0%		Accrued acquisition value
Fondbolaget Fondita Ab	20.1%		P/AuM, EV/EBIT
HealthInvest Partners AB	66.7%		Accrued acquisition value
Teknik Innovation Norden Fonder AB	35.2%		P/AuM
Holdings in Bure Growth AB		876
BioLamina AB	51.7%		Latest transaction
My Driving Academy Sweden AB	30.4%		Latest transaction, DCF
ScandiNova Systems AB	28.1%		Latest transaction

Valuation of unlisted assets at 30 September 2022

SEK M	Holding	Group book value	Valuation model
Holdings in Bure Equity AB
Allgon AB and AMIP AB	91.1% / 14.5%	746	EV/EBIT, PER
Mercuri International Group AB	90.4%	130	EV/EBIT, DCF
Holdings in Atle Investment Management AB		245
Alcur Fonder AB	30.4%		P/AuM
Atle Investment Services AB	100.0%		Accrued acquisition value
Fondbolaget Fondita Ab	20.1%		P/AuM, EV/EBIT
HealthInvest Partners AB	51.0%		Accrued acquisition value
Teknik Innovation Norden Fonder AB	35.2%		P/AuM
Holdings in Bure Growth AB		1,362
BioLamina AB	46.5%		Latest transaction
My Driving Academy Sweden AB	30.4%		Latest transaction, DCF
ScandiNova Systems AB	28.0%		Latest transaction
Yubico AB	17.6%		Latest transaction

Valuation of unlisted assets at 31 December 2022

SEK M	Holding	Group book value	Valuation model
Holdings in Bure Equity AB
Allgon AB and AMIP AB	91.1% / 14.5%	753	EV/EBIT, PER
Mercuri International Group AB	90.4%	68	EV/EBIT, DCF
Holdings in Atle Investment Management AB		272
Alcur Fonder AB	30.4%		P/AuM
Atle Investment Services AB	100.0%		Accrued acquisition value
Fondbolaget Fondita Ab	20.1%		P/AuM, EV/EBIT
HealthInvest Partners AB	45.8%		Accrued acquisition value
Teknik Innovation Norden Fonder AB	35.2%		P/AuM
Holdings in Bure Growth AB		1,362
BioLamina AB	46.5%		Latest transaction
My Driving Academy Sweden AB	30.4%		Latest transaction, DCF
ScandiNova Systems AB	27.9%		Latest transaction, EV/EBIT
Yubico AB	17.6%		Latest transaction, EV/Sales

Note 5 – Classification of financial instruments

Group 30 September 2023 SEK M	Financial assets and liabilities valued at fair value from income statements	Financial assets and liabilities valued at accrued acquisition cost	Total carrying amount
Financial assets
Financial assets valued at fair value from the income statements	15,343	–	15,343
Other long-term receivables	–	41	41
Other short-term receivables	–	2	2
Short-term investments	115	–	115
Cash and bank balances	–	632	632
Total financial assets	15,458	675	16,133
Financial liabilities
Leasing liabilities	–	3	3
Other long-term liabilities	–	1	1
Other non-interest-bearing liabilities	–	17	17
Total financial liabilities	–	21	21

Group 30 September 2022 SEK M	Financial assets and liabilities valued at fair value from income statements	Financial assets and liabilities valued at accrued acquisition cost	Total carrying amount
Financial assets
Financial assets valued at fair value from the income statements	11,564	–	11,564
Other long-term receivables	–	32	32
Other short-term receivables	–	11	11
Short-term investments	101	–	101
Cash and bank balances	–	435	435
Total financial assets	11,665	478	12,143

Financial liabilities

Leasing liabilities	–	3	3
Other long-term liabilities	–	1	1
Other non-interest-bearing liabilities	–	13	13
Total financial liabilities	–	17	17

Group 31 December 2023 SEK M	Financial assets and liabilities valued at fair value from income statements	Financial assets and liabilities valued at accrued acquisition cost	Total carrying amount
Financial assets
Financial assets valued at fair value from the income statements	14,027	–	14,027
Other long-term receivables	–	42	42
Other short-term receivables	–	4	4
Short-term investments	116	–	116
Cash and bank balances	–	416	416
Total financial assets	14,144	461	14,605

Financial liabilities

Leasing liabilities	–	3	3
Other long-term liabilities	–	52	52
Other non-interest-bearing liabilities	–	21	21
Total financial liabilities	–	76	76

Note 6 – Financial position

Net loan receivable: Cash and cash equivalents, interest-bearing investments and interest-bearing current and non-current receivables minus interest-bearing current and non-current liabilities.

Group, SEK M	30 September 2023	30 September 2022	31 December 2022
Cash and cash equivalents	632	435	416
Current interest-bearing receivables	1	2	2
Non-current interest-bearing receivables	41	32	41
Interest-bearing assets	674	468	459
Current interest-bearing leasing liabilities	2	2	2
Non-current interest-bearing leasing liabilities	1	1	1
Interest-bearing liabilities	3	3	3
Net receivable at end of the year	671	465	456

Parent Company, SEK M	30 September 2023	30 September 2022	31 December 2022
Cash and cash equivalents	615	415	408
Current interest-bearing receivables	150	83	83
Non-current interest-bearing receivables	33	32	33
Interest-bearing assets	797	529	523
Current interest-bearing leasing liabilities	2	2	2
Non-current interest-bearing leasing liabilities	1	1	1
Interest-bearing liabilities	3	3	3
Net receivable at end of the year	794	526	520

Bure Equity finances operations in Atle Investment Management and Bure Growth with equity and loans. The table below presents internal loans in the Bure Group.

	Internal receivables within the Group
SEK M	30 September 2023	30 September 2022	31 December 2022
Atle Investment Management	149	81	81
Bure Growth	–	449	449
Total	149	530	531

Note 7 – Issued securities and contingent liabilities

As of 30 September 2023, the investment entity had not posted any security and had not entered into contingent liabilities.

Definitions

Diluted earnings per share

Profit after tax divided by the average number of shares outstanding during the year after dilution. For the Group, net profit less non-controlling interests' share in profit for the year. The average number of shares after full dilution is calculated according to the rules in IFRS, IAS 33 Earnings per Share.

Earnings per share

Earnings after tax divided by the average number of outstanding shares during the period. For the parent company, net earnings is used less the minority share of earnings for the period.

The average number of shares after dilution is calculated according to IFRS regulation, IAS 33 Earnings per share.

EBIT

Operating profit after amortization of goodwill/ acquisition-related surplus values and amortization of fixed assets.

Equity per share

Equity divided by the number of shares outstanding. As of the transition to IFRS on 1 January 2005, non-controlling interests are included in total equity.

Equity/asset ratio

Equity in relation to total assets. As of the transition to IFRS on 1 January 2005, non-controlling interests are included in total equity.

IRR

Internal Rate of Return.

Management costs/net asset value

Management costs during the period divided by net asset value at the end of the period.

Market capitalization

Share price multiplied by the total number of shares outstanding.

Net asset value

Market value, (valued at fair value), of Bure's listed and unlisted holdings and short-term investments plus accrued acquisition value of other net assets and cash and cash equivalents.

Net loan liability

Same definition as net loan receivable, but is used when interest-bearing liabilities exceed interest-bearing assets.

Net loan receivable

Financial interest-bearing assets minus interest-bearing liabilities.

Return on equity

Profit/loss after tax divided by average equity.

Share yield

Dividend proposed to the AGM and additional dividends paid during the year divided by the share price at the end of the period.

Total return

The total of the year's share price growth and reinvested dividends divided by the share price at the beginning of the year.

This is Bure

Bure is a listed investment company that is quoted on Nasdaq Stockholm Large Cap. The portfolio consisted of eleven companies, of which seven are listed holdings.

Our business concept is to be a long-term principal owner of operating companies. Through far-reaching engagement and value-driving initiatives and activities, we support the portfolio companies in becoming successful in their respective businesses.

Our objective is to create a long-term sustainable total return for our shareholders and to be a competitive investment alternative in the market.

Bure's strategic cornerstones are:

• Long-term approach
• Commitment and responsibility
• Adapted leadership
• Financial strength

Financial calendar

Year-end report 2023 22 February 2024 Interim report January–March 2024 13 May 2024 Interim report January–June 2024 16 August 2024 Interim report January–September 2024 8 November 2024

For information contact

Henrik Blomquist, CEO: +46 8 614 00 20 Max Jonson, CFO: +46 8 614 00 20