<a id="bm-comp-987c4ff8-9864-4543-96c0-8d7112f85f39" name="bm-comp-987c4ff8-9864-4543-96c0-8d7112f85f39" class="BMCustomAnchor"></a><table><tr><td bm-component-id="987c4ff8-9864-4543-96c0-8d7112f85f39" style="vertical-align: top; width:100.000000%;"><ul><li>NAV per share +7.2% y-o-y</li><li>Buyback and net cash position support continued 5-7% dividend</li><li>~35% NAV discount vs ~22% average; fair value range SEK 100-136</li></ul></td></tr></table><a id="bm-comp-a8d4e0c9-bfea-4242-912f-2bbc09b9870a" name="bm-comp-a8d4e0c9-bfea-4242-912f-2bbc09b9870a" class="BMCustomAnchor"></a><table><tr><td bm-component-id="a8d4e0c9-bfea-4242-912f-2bbc09b9870a" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">NAV growth &amp; portfolio activity</h3><p>NAV/share and net profit growth during the year were strong. NAV/share rose to SEK 178.77 from SEK 172.32 (+7.2% incl. the SEK 6/common share dividend paid in Mar.), and net profit increased to SEK 88.7m (SEK 14.5m). This was driven by a rise in portfolio revaluations (SEK 108.2m vs SEK 31.2m) incl. gains from exits such as PHM Group and Francks Kylindustri, partly offset by a SEK 49.8m unrealised markdown on the existing portfolio. The same pattern was seen in FY'24/'25 (SEK 131.4m realised gains vs SEK 83.3m unrealised markdowns), meaning two consecutive years of growth driven by closed exits while retained portfolio value keeps declining. Deployment also picked up, with 27 new portfolio companies added (25 prior year). 13 exits were completed (nine prior year).</p><h3 class="bm-h3">What is driving the portfolio?</h3><p>The year's results point to broad-based portfolio strength after a weaker prior year, though the deployment rate remains somewhat below historical levels despite the increase in new holdings. The ongoing buyback programme (286,530 shares repurchased in FY'25/'26 at an avg price of ~SEK 119, taking treasury holdings to ~3.3% of shares by Aug. 2026) supports NAV/share. The improved net cash position (SEK 27.3m, up from a net debt of SEK -12.2m) also strengthens the case for continuing the 5-7% annual dividend target.</p><h3 class="bm-h3">NAV discount and outlook</h3><p>The share traded at SEK 116 against the reported NAV of SEK 178.77 at fiscal year-end close, implying a discount of ~35% vs a historical avg of ~22% since Feb. 2020. Applying a discount of 25-45% to the latest NAV (Aug.) implies a fair value range of SEK 100-136. Key catalysts ahead include capital deployment from newer fund vintages, the pace of further exits, and the potential for further buybacks and dividends. These could all influence the discount going forward.</p></td></tr></table>