Sleep Cycle AB — Investment Narrative, Update Q1 2025 Executive Summary Sleep Cycle AB (Nasdaq Stockholm: SLEEP) is the category-leading sleep-tracking app with ~904 000 paying subscribers and a decade-long proprietary data set exceeding three billion recorded nights. The asset-light subscription model generates robust profitability (average EBIT margin ≈ 26 % over 2022-2024) while free cash flow and a net-cash balance (≈ 157 m) support an ordinary plus special dividend.

Key Takeaways Embracer Group AB has recently engaged in an assertive acquisition strategy, primarily driven by financing in a low-interest rate environment. The rise in interest rates has adversely affected the company's finances, causing concern among investors.

Key Takeaways Dedicare holds a robust market position within a steadily expanding market. Continued revenue growth is supported by the persistent need for skilled health professionals.

Key Takeaways Strong market position and portfolio of leading brands continue to drive revenue growth. New strategic initiative and operating model, emphasizing organic growth within the company portfolio, along with value creation, optimization and streamlining of the portfolio, are expected to sustain future growth and enhance profitability.

Key Takeaways Magnora ASA, a company listed on the Oslo Stock Exchange, has been actively transitioning its legacy royalty business towards renewable energy development projects and companies. Their diverse portfolio includes investments in entities such as Helios Nordic Energy AB, Kustvind AB, and Magnora Offshore Wind AS, reflecting a strategic pivot to sustainable energy solutions.

- Solid Försäkringsaktiebolag is a leading niche insurance company in the Nordic region, specializing in non-life insurance products. - The company operates in various segments, including Product, Personal Safety, and Roadside Assistance.