Bure Equity : BureEquity2024q1 En

Interim Report January - March 2024

HIGHLIGHTS AND CEO STATEMENT	NET ASSET VALUE	PORTFOLIO COMPANIES	FINANCIAL STATEMENTS	MULTI-YEAR OVERVIEW	NOTES	DEFINITIONS	FINANCIAL CALENDAR

Interim period January - March 2024

Net asset value was SEK 298.2 per share compared to SEK 257.9 at the beginning of the year, which ­corresponds to an increase of 15.6 per cent.

Bure's net asset value was SEK 22,112M compared to SEK 19,123M at the beginning of the year.

Total return on the Bure share was 19.9 per cent

­compared to the SIX Return Index which increased 7.9 per cent.

Group earnings after tax amounted to SEK 2,990M (2,421). Earnings per share amounted to SEK 40.2 (32.5).

Events after the balance sheet date

Net asset value amounted to SEK 308.3 per share on 10 May 2024, corresponding to an increase of 19.5 per cent since the beginning of the year.

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.

Comments from the CEO

The first quarter of the year was good, with Bure's net asset value per share increasing 15.6 per cent; the SIX Return Index increased 7.9 per cent in the same period. This strong net asset value perfor­ mance was primarily driven by gains in our port­ folio companies Mycronic and Yubico. Mycronic increased 31.5 per cent in the quarter and Yubico by

45.5 per cent. The Yubico share rose sharply follow­ ing the publication of the company's fourth quarter report in February, which, among other things, reported a growth in order intake of 83 per cent. Overall, Bure's net asset value increased by around SEK 3 billion in the period.

Transaction activity in Bure was lower during the quarter - only minor investments were made in Atle and BioLamina. Activity in the portfolio companies remained high. Mycronic reported its second best quarterly results in its history, corresponding to an operating margin of 35 per cent. Turnover increased by 39 per cent. Xvivo saw a sales increase of 32 per cent with an operat­ ing margin of 10 per cent. Xvivo also reported a number of major successes for its development projects during the quarter. For the first time

in history, a donated human heart was success­ fully transported across the Atlantic Ocean. The heart was transported in the Xvivo Heart Assist Transport, in economy class on a scheduled flight and the time outside the body exceeded 12 hours, after which the transplant was carried out in a hospital in Paris. Furthermore, preliminary results from Xvivo's ongoing heart preservation study were communicated, in which it was found that Xvivo Heart Assist Transport significantly reduced the risk of severe cardiac dysfunction compared to conventional methods.

HENRIK BLOMQUIST

CEO BURE EQUITY AB

The stock market continued to perform relatively strongly in the first quarter. The SIX Return Index is up around 27 per cent since the lows of October last year. However, the upward trend slowed in April. Despite a reporting period that was broadly in line with expectations, the stock market mood was ­dampened by the uncertainty and likelihood of coming interest rate cuts, underlining the extent to which the stock market is currently focusing on interest rates.

Stockholm, May 2024

Henrik Blomquist

CEO, Bure Equity AB

2 BURES INTERIM REPORT JANUARY - MARCH 2024

HIGHLIGHTS AND CEO STATEMENT	NET ASSET VALUE	PORTFOLIO COMPANIES	FINANCIAL STATEMENTS	MULTI-YEAR OVERVIEW	NOTES	DEFINITIONS	FINANCIAL CALENDAR

Bure's net asset value and holdings

				2023/12/31					2024/03/31
									% of net	Net asset
			% of	Net asset	Value change			Net asset	asset	value per
SEK million	capital	value	(+/-)1	Investment	Disposal	value	value	share, SEK
		Cavotec	35.2%	541	53	-	-	593	2.7%	8.0
		Mentice	14.7%	179	-54	-	-	125	0.6%	1.7
		Mycronic	23.1%	6,500	2,049	-	-	8,549	38.7%	115.3
L 2)
	Ovzon	12.7%	206	-16	-	-	189	0.9%	2.6
I
S		Vitrolife	15.9%	4,188	136	-	-	4,324	19.6%	58.3
T
E		Xvivo Perfusion	14.3%	1,481	-245	-	-	1,236	5.6%	16.7
D
		Yubico (shares + warrants)	17.5%	2,223	1,098	-	-	3,321	15.0%	44.8
		Total listed holdings		15,318	3,019	0	0	18,337	82.9%	247.3
		Allgon	91.8%	977	-	-	-	977	4.4%	13.2
U
N
	Atle Investment Management 3)	93.0%	344	-42	17	-	320	1.4%	4.3
L
I		Bure Growth4)	100.0%	864	-	17	1	882	4.0%	11.9
S
T		Mercuri International	90.4%	70	-	-	-	70	0.3%	0.9
E
D		Total unlisted holdings		2,255	-42	34	0	2,249	10.2%	30.3
		Total holdings		17,573	2,977	34	0	20,586	93.1%	277.6
T
R		Cash and cash equivalents, short-term
E
	investments and other assets5)		1,550		-23		1,527	6.9%	20.6
A
S
	Total treasury		1,550		-23		1,527	6.9%	20.6
U

R

Y

1. Change in value including exit gains/losses.
2. Bure's number of shares at 31 March 2024: 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 has also 4,200,000 warrants in Yubico.
3. Atle made conditional shareholder contributions of SEK 10M to Atle Fund Services, Atle Investment Services and HealthInvest Partners. Atle acquired shares in HealthInvest Partners, increasing its holding to 76.6 per cent. The holding in HealthInvest Partners was written down by SEK 78m.
4. Bure Growth signed a convertible debenture loan in BioLamina for SEK 17 million.
5. 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.

Total net asset value

19,123

2,977

10

0

22,112

100.0%

298.2

3 BURES INTERIM REPORT JANUARY - MARCH 2024

HIGHLIGHTS AND CEO STATEMENT	NET ASSET VALUE	PORTFOLIO COMPANIES	FINANCIAL STATEMENTS	MULTI-YEAR OVERVIEW	NOTES	DEFINITIONS	FINANCIAL CALENDAR

Changes in net asset value

PORTFOLIO COMPANIES JANUARY - MARCH 2024 AND 2023

Listed SEK million	2024	2023
						Net sales	n/m	443
						EBIT	n/m	3
						EBIT-margin	n/m	0.8%
						Holding	35.2%	35.3%
						Net sales	45	65
						EBIT	-24	0
						EBIT-margin	-53.3%	0.2%
						Holding	14.7%	14.7%
						Net sales	1,692	1,219
						EBIT	599	182
						EBIT-margin	35.4%	14.9%
						Holding	23.1%	26.9%
						Net sales	65	57
						EBIT	-25	-23
						EBIT-margin	-38.5%	-40.4%
						Holding	12.7%	12.5%
						Net sales	841	854
						EBIT	167	159
						EBIT-margin	19.9%	18.6%
						Holding	15.9%	15.9%
						Net sales	186	141
						EBIT	19	11
						EBIT-margin	10.2%	8.0%
						Holding	14.3%	14.6%
						Net sales1)	n/m	419
						EBIT	n/m	73
						EBIT-margin	n/m	17.5%
						Holding	17.5%	17.6%

Listed portfolio companies

Listed portfolio companies accounted for 82.9 per cent of net asset value compared to 80.1 per cent at the end of 2023. The total value of listed portfolio companies decreased SEK 3,019 M to SEK 18,337M.

Value changes

Value changes due to fluctuations in share prices and exits during the period amounted to SEK 3,019M.

VALUE CHANGES IN SEKM AND SHARE PRICE PERFORMANCE 2024

Mycronic	2,049	31.5%
Yubico (shares + warrants)	1,098	45.5%
Vitrolife	136	3.2%
Cavotec	53	9.7%
Ovzon	-16	-8.0%
Mentice	-54	-30.2%
Xvivo Perfusion	-245	-16.5%
Total	3,019

Bure's comparison index, the SIX RX, rose 7.9 per cent.

1) Figures refer to Yubico. ACQ Bure not included.

4 BURES INTERIM REPORT JANUARY - MARCH 2024

HIGHLIGHTS AND CEO STATEMENT	NET ASSET VALUE	PORTFOLIO COMPANIES	FINANCIAL STATEMENTS	MULTI-YEAR OVERVIEW	NOTES	DEFINITIONS	FINANCIAL CALENDAR

PORTFOLIO COMPANIES JANUARY - MARCH 2024 AND 2023

Unlisted SEK million	2024	2023
	Net sales	177	182
	EBIT	21	37
	EBIT-margin	11.9%	20.5%
	Holding	91.8%	92.4%
	Net sales	0	0
	EBIT	-32	61
	EBIT-margin	n/m	n/m
	Holding	93.0%	93.0%
	Net sales	0	0
	EBIT	0	59
	EBIT-margin	n/m	n/m
	Holding	100.0%	100.0%
	Net sales	74	80
	EBIT	-7	-1
	EBIT-margin	-9.6%	-1.5%
	Holding	90.4%	90.4%

Unlisted portfolio companies

Unlisted portfolio companies accounted for 10.2 per cent of net asset value compared to 11.8 per cent at the end of 2023. The value of unlisted portfolio companies decreased SEK 7M to SEK 2,249M.

Acquisitions and value changes

Atle made conditional shareholder contributions of

SEK 10M to AtleFund Services, Atle Investment Services and HealthInvest Partners.

Atle acquired shares in HealthInvest Partners, increasing its holding to 76.6 per cent. The holding in HealthInvest Partners was written down by SEK 78M.

Bure Growth signed a convertible debenture loan of SEK 17M in BioLamina.

Divestments

Atle Investment Management received dividends of SEK 47M from Alcur Fonder, Fondita and TIN Fonder.

Treasury

The value of assets in Treasury decreased SEK 23M to

SEK 1,527M. Bure acquired financial assets for SEK 35M. The Group received dividends of SEK 47M. Other changes amount­ ing to SEK -35M were due to changes in working capital, value changes in short-term investments, and management costs.

Assets in Treasury amounted to 6.9 per cent of net asset value compared to 8.1 per cent at the end of 2023.

The Bure share

The number of Bure shares amounts to 74,357,193, of which 74,146,921 are ordinary shares and 210,272 are Class C shares. The Bure Annual General Meeting of 7 May 2023 decided to give the Bure Board of Directors a mandate to acquire up to 10 per cent of the total number of ordinary shares in Bure Equity AB. Bure has not repurchased any ordinary shares, nor does it hold any own ordinary shares. Bure holds all 210,272 Class C shares that were issued and repurchased in accordance with the LTIP 2022 and 2023 incentive programmes.

	10 May	31 Mar	31 Dec	31 Dec
	2024	2024	2023	2022
Share price, SEK	373.2	342.8	285.8	246.4
Dividend per share, SEK	-	-	2.25	2.25
Total return since year-end1)	30.6%	19.9%	17.0%	-43.1%
Net asset value per share, SEK	308.3	298.2	257.9	196.3
Development of NAV per share	19.5%	15.6%	31.4%	-39.2%
SIX Return Index	11.9%	7.9%	19.2%	-22.8%

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

DEVELOPMENT OF BURE'S NET ASSET VALUE AND SHARE PRICE PER SHARE

500

400	342.8

298.2

300

200

100

0

2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	Q1
Net asset value per share			Share price

5 BURES INTERIM REPORT JANUARY - MARCH 2024

Our portfolio companies

Bures listed portfolio companies	Bures unlisted portfolio companies

*

6 BURES INTERIM REPORT JANUARY - MARCH 2024

HIGHLIGHTS AND CEO STATEMENT	NET ASSET VALUE	PORTFOLIO COMPANIES	FINANCIAL STATEMENTS	MULTI-YEAR OVERVIEW	NOTES	DEFINITIONS	FINANCIAL CALENDAR

www.cavotec.com

Cavotec is a leading global cleantech company that manufactures innovative connection and electrification systems for ports and industrial applications.

www.mentice.com

Mentice is a market-leading technology company that offers simulation solutions and flow systems for image-guided interventions (IGIT) in the field of minimal invasive procedures.

Share of Bure's

net asset value: 2.7%

Facts at 31 March 2024 NAV: SEK 593M Acquisition date: 2014

Board member from Bure: Patrik Tigerschiöld, chairman

Board member from Bure:

Bure Equity	35.3%
Thomas von Koch	17.9%
Others	46.8%

KEY FIGURES1)	Q1	Q1
EUR million	2024	2023	2023
Net sales	n/a	40	181
Operating expenses	n/a	-39	-174
EBIT	n/a	0	7
EBIT margin	n/a	0.8%	4.0%
Net financial items	n/a	-1	-3
Profit/loss before tax	n/a	-1	-4
Income tax expense	n/a	-1	-4
Profit/loss for the period	n/a	-1	0
Net loan debt (-) / receivable (+)	n/a	-19	-18
Total assets	n/a	169	157
Equity	n/a	56	57
Cash flow from operating activities	n/a	-3	2
Average no. of employees	n/a	626	660

Share of Bure's

net asset value: 0.6%

Facts at 31 March 2024 NAV: SEK 125M Acquisition date: 2019

Board member from Bure:

Gösta Johannesson, boardmember

Board member from Bure:

Karin Howell-	34.0%
Bidermann
Bure Equity	14.7%
Fjärde AP-fonden	6.9%
Others	44.4%

KEY FIGURES	Q1	Q1
SEK million	2024	2023	2023
Net sales	45	65	274
Operating expenses	-70	-65	-274
EBIT	-24	0	-1
EBIT margin	-53.3%	0.2%	-0.2%
Net financial items	0	-1	1
Profit/loss before tax	-24	-1	0
Income tax expense	-1	-1	-3
Profit/loss for the period	-25	-1	-3
Net loan debt (-) / receivable (+)	50	34	50
Total assets	299	303	323
Equity	136	161	159
Cash flow from operating activities	2	1	37
Average no. of employees	128	118	122

The quarter in brief

The quarter in brief

• The share price increased 9.7 per cent in the first quarter.

• Order intake was SEK 38M (58) corresponding to a decrease of 34 per cent. Orderbook at the end of the period was SEK 147M (126).
• Net sales were SEK 45M (65), a decrease of 30 per cent.
• Operating profit was SEK -24M (0).
• The share price fell 30.2 per cent in the first quarter.

1) Cavotec publishes its interim report on 15 May 2024.

7 BURES INTERIM REPORT JANUARY - MARCH 2024

HIGHLIGHTS AND CEO STATEMENT	NET ASSET VALUE	PORTFOLIO COMPANIES	FINANCIAL STATEMENTS	MULTI-YEAR OVERVIEW	NOTES	DEFINITIONS	FINANCIAL CALENDAR

www.mycronic.com

Mycronic is a world leader in the development, manufacture and marketing of high-tech production solutions for the electronics industry.

www.ovzon.com

Ovzon offers mobile satellite communication services that combine high data capacity with a high degree of mobility to customers worldwide.

Share of Bure's

net asset value: 38.7%

Facts at 31 March 2024

NAV: SEK 8,549M

Acquisition date: 2010 via Skanditek

Board member from Bure: Patrik Tigerschiöld, chairman

Board member from Bure:

Bure Equity	23.1%
SEB Fonder	9.7%
Fjärde AP-fonden	8.0%
Övriga	59.2%

KEY FIGURES	Q1	Q1
SEK million	2024	2023	2023
Net sales	1,692	1,219	5,706
Operating expenses	-1,093	-1,037	-4,471
EBIT	599	182	235
EBIT margin	35.4%	14.9%	21.6%
Net financial items	17	3	27
Profit/loss before tax	616	185	1,262
Income tax expense	-128	-36	-266
Profit/loss for the period	488	149	996
Net loan debt (-) / receivable (+)	2,623	1,335	1,912
Total assets	9,034	7,598	8,340
Equity	5,834	4,884	5,282
Cash flow from operating activities	737	402	1,608
Average no. of employees	2,002	2,015	2,027

Share of Bure's

net asset value: 0.9%

Facts at 31 March 2024

NAV: SEK 189M

Acquisition date: 2018

Board member from Bure:

Patrik Tigerschiöld, boardmember

Board member from Bure:

Bure Equity	12.7%
Investment AB	12.1%
Öresund
Grignolino AB	11.3%
Övriga	63.9%

KEY FIGURES	Q1	Q1
SEK million	2024	2023	2023
Net sales	65	57	290
Operating expenses	-90	-80	-385
EBIT	-25	-23	-95
EBIT margin	-38.5%	-40.4%	-32.8%
Net financial items	-18	4	28
Profit/loss before tax	-42	-19	-67
Income tax expense	-1	0	7
Profit/loss for the period	-43	-19	-60
Net loan debt (-) / receivable (+)	-523	-127	-410
Total assets	2,523	2,116	2,190
Equity	1,720	1,568	1,780
Cash flow from operating activities	-3	-5	-14
Average no. of employees	46	44	45

The quarter in brief

• Order intake was SEK 1,645M (1,617), an increase of 2 per cent. The combined orderbook at the end of the period was SEK 4,102M (3,972).
• Net sales increased 39 per cent to SEK 1,692M (1,219).
• Operating profit amounted to SEK 599M (182), corresponding to an operating margin of 35.4 per cent (14.9).
• During the period, two new products were launched by the Pattern Generators division: Prexision 8000 Evo, which is the division's most advanced mask writer to date, and

the MMX, the first measuring machine for semiconductor masks.

• The share price increased 31.5 per cent in the first quarter.

The quarter in brief

• Net sales increased 14 per cent to SEK 65M (57).
• The Ovzon 3 satellite was launched from SpaceX Canaveral in Florida on 4 January, 2024. Ovzon 3 is expected to reach orbit in the summer of 2024.
• Ovzon received its first order for the new Ovzon T satellite terminal from the US Department of Defense and a repeat order from the Italian fire and rescue service.
• Ozon received an order worth USD 9.7M from a European customer and a new order from the Swedish Space Corporation for SEK 6M.
• The share price fell 8.0 per cent in the first quarter.

8 BURES INTERIM REPORT JANUARY - MARCH 2024

HIGHLIGHTS AND CEO STATEMENT	NET ASSET VALUE	PORTFOLIO COMPANIES	FINANCIAL STATEMENTS	MULTI-YEAR OVERVIEW	NOTES	DEFINITIONS	FINANCIAL CALENDAR

www.vitrolifegroup.com

Vitrolife Group is a world-leading international group and supplier of medical technology ­products and genetic tests in reproductive medicine.

www.xvivogroup.com

Xvivo Perfusion is a medtech company that provides clinically optimised solutions and ­systems for organ transplantation.

Share of Bure's

net asset value: 19.6%

Facts at 31 March 2024

NAV: SEK 4,324M

Acquisition date: 2010 via Skanditek

Board member from Bure:

Henrik Blomquist, ­ board member

KEY FIGURES	Q1	Q1
SEK million	2024	2023	2023
Net sales	841	854	3,512
Operating expenses	-674	-695	-2,801
EBIT	167	159	711
EBIT margin	19.9%	18.6%	20.2%
Net financial items	-24	-29	-123
Profit/loss before tax	143	130	588
Income tax expense	-25	-31	-139
Profit/loss for the period	115	99	449

Share of Bure's

net asset value: 5.6%

Facts at 31 March 2024

NAV: SEK 1,236M

Acquisition date: Lex Asea distribution from Vitrolife in 2012

Board member from Bure:

Gösta Johannesson, chairman

KEY FIGURES	Q1	Q1
SEK million	2024	2023	2023
Net sales	186	141	598
Operating expenses	-167	-129	-593
EBIT	19	11	4
EBIT margin	10.2%	8.0%	0.7%
Net financial items	11	5	90
Profit/loss before tax	30	17	95
Income tax expense	-7	-2	-3
Profit/loss for the period	23	14	92

Board member from Bure:

William Demant	28.7%
Invest A/S
Bure Equity	15.9%
AMF Tjänstepension	5.3%
& Fonder
Others	50.1%

Board member from Bure:

Net loan debt (-) / receivable (+)	-1,123	-1,459	-1,228	Bure Equity	14.3%
				Fjärde AP-fonden	9.0%
Total assets	16,783	20,762	16,329
				Swedbank Robur	7.9%
Equity	13,233	17,015	12,723
				Fonder
Cash flow from operating activities	198	160	757
Others	68.8%
Average no. of employees	1,103	1,072	1,084

Net loan debt (-) / receivable (+)	480	179	515
Total assets	2,254	1,740	2,181
Equity	2,003	1,447	1,945
Cash flow from operating activities	2	-12	46
Average no. of employees	148	137	150

The quarter in brief

• Net sales were SEK 841M (854). Sales were unchanged in local currencies but decreased 2 per cent in Swedish kronor.
• Operating profit before depreciation (EBITDA) amounted to SEK 272M (262), corresponding to a margin of 32.4 per cent (30.7).
• The share price increased 3.2 per cent in the first quarter.
• After the balance sheet date, Vitrolife acquired the distribution business for the company's own medtech products in Portugal and Spain for EUR 5M. Vitrolife also signed an agreement for the acquisition of eFertility (STB Zorg B.V.) for EUR 9.6M. eFertility offers and develops system and software solutions to improve IVF clinics' processes including eWitness, (a system to monitor every step of the IVF process), and eBase, (an EMR system compatible with information systems).

The quarter in brief

• Net sales amounted to SEK 186M, corresponding to growth of 32 per cent in SEK and 32 per cent in local currencies. All business areas reported underlying sales growth adjusted for currency effects; Thorax consumables 39 per cent, Abdominal consumables 46 per cent, and Services 11 per cent.
• Operating profit before depreciation (EBITDA) amounted to SEK 36M (24), corresponding to a margin of 19 per cent (17).
• First-evertransplantation of a donor heart transported across the Atlantic Ocean was conducted, with the heart preserved outside the body for more than 12 hours using XVIVO's Heart Assist Transport technology.
• A study of long-term perfusion of livers with XVIVO's Liver Assist technology demonstrated that livers can be preserved for up to 20 hours.
• The share price fell 16.5 per cent in the first quarter.

9 BURES INTERIM REPORT JANUARY - MARCH 2024

HIGHLIGHTS AND CEO STATEMENT	NET ASSET VALUE	PORTFOLIO COMPANIES	FINANCIAL STATEMENTS	MULTI-YEAR OVERVIEW	NOTES	DEFINITIONS	FINANCIAL CALENDAR

www.yubico.com

Yubico is a global cybersecurity company that developed YubiKey, a security key that ­eliminates account takeovers and provides robust protection from phishing attacks.

Share of Bure's

net asset value: 15.0%

Facts at 31 March 2024

NAV: SEK 3,321M2)

Acquisition date: 2023

Board member from Bure:

Patrik Tigerschiöld, chairman

Gösta Johannesson, boardmember

Board member from Bure:

Bure Equity	17.5%
AMF Tjänstepension	11.6%
& Fonder
Stina Ehrensvärd	10.2%
Others	60.7%

KEY FIGURES1)	Q1	Q1
SEK million	2024	2023	2023
Net sales	n/a	419	1,844
Operating expenses	n/a	-346	-1,650
EBIT	n/a	73	195
EBIT margin	n/a	17.5%	10.5%
Net financial items	n/a	n/a	3
Profit/loss before tax	n/a	n/a	198
Income tax expense	n/a	n/a	-55
Profit/loss for the period	n/a	n/a	142
Net loan debt (-) / receivable (+)	n/a	n/a	508
Total assets	n/a	n/a	1,474
Equity	n/a	n/a	1,142
Cash flow from operating activities	n/a	n/a	98
Average no. of employees	n/a	n/a	437

The quarter in brief

• The share price increased 45.5 per cent in the first quarter.

1. Yubico publishes its interim report on 14 May 2024.
2. Refers to shares and warrants in Yubico AB.

10 BURES INTERIM REPORT JANUARY - MARCH 2024