NOTE Ownership

Who are the major shareholders and have insiders been buying or selling?

Recent Insider Transactions

DB:NQA Recent Insider Transactions by Companies or Individuals
Date	Value	Name	Entity	Shares	Max Price
27 Dec 24	Sell€52,321	Johan Hagberg	Individual	4,047	€13.13
23 Dec 24	Buy€52,214	Johan Hagberg	Individual	4,047	€12.90
20 Nov 24	Buy€11,477	Johannes Lind-Widestam	Individual	1,050	€10.93
24 Oct 24	Buy€44,210	Johannes Lind-Widestam	Individual	4,000	€11.05
23 Aug 24	Sell€441,334	Johannes Lind-Widestam	Individual	37,529	€11.79
05 Aug 24	Buy€21,621	Charlotte Stjerngren	Individual	1,959	€11.04
23 Jul 24	Sell€152,108	Johannes Lind-Widestam	Individual	12,000	€12.68
13 Jun 24	Sell€9,762,761	Johan Hagberg	Individual	720,000	€13.56
17 May 24	Sell€226,059	Johannes Lind-Widestam	Individual	18,000	€12.56
17 May 24	Sell€21,746	Kamran Shahabi	Individual	1,728	€12.58
06 May 24	Buy€3,488	Johannes Lind-Widestam	Individual	290	€12.03

Insider Trading Volume

Insider Buying: NQA insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

What is the ownership structure of NQA?
Owner Type	Number of Shares	Ownership Percentage
Individual Insiders	7,418,277	25.6%
Institutions	8,511,528	29.4%
General Public	13,053,795	45%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Top 25 shareholders own 56.36% of the company

Ownership	Name	Shares	Current Value	Change %	Portfolio %
19%	Johan Hagberg	5,506,343	€72.6m	0%	no data
5.43%	Egil Dahl	1,575,000	€20.8m	0%	no data
5.33%	Nordnet AB (publ), Asset Management Arm	1,545,136	€20.4m	12.6%	3.15%
4.98%	Nordnet Pensionsförsäkring Ab, Asset Management Arm	1,444,044	€19.0m	0%	4.22%
4.53%	Avanza Fonder AB	1,313,701	€17.3m	0%	0.23%
2.42%	Nordea Investment Management, AB	700,222	€9.2m	0%	0.01%
1.66%	Investeringsradgivningsselskabet MW Compounders ApS	481,000	€6.3m	2.12%	3.07%
1.62%	Tredje AP-fonden	470,761	€6.2m	0%	0.03%
1.44%	Handelsbanken Asset Management	417,664	€5.5m	0%	0.01%
1.36%	Sp-Rahastoyhtiö Oy	394,863	€5.2m	0%	0.22%
1.17%	Joh. Berenberg, Gossler & Co. KG, Asset Management Arm	339,873	€4.5m	0%	0.17%
1.12%	Fondita Rahastoyhtio AB	325,733	€4.3m	2.81%	0.91%
1.11%	Johannes Lind-Widestam	321,425	€4.2m	1.6%	no data
0.74%	Dimensional Fund Advisors LP	213,266	€2.8m	-1.95%	no data
0.63%	SEB Investment Management AB	182,258	€2.4m	0.65%	no data
0.62%	Schroder Investment Management Limited	180,000	€2.4m	0%	no data
0.62%	Lonvia Capital	178,381	€2.4m	0%	0.97%
0.52%	KBC Asset Management NV	150,915	€2.0m	0%	no data
0.37%	Ålandsbanken Fondbolag AB	108,479	€1.4m	0%	0.06%
0.35%	Skandia Fonder AB	100,456	€1.3m	0%	0.01%
0.34%	Amundi Asset Management SAS	99,061	€1.3m	0%	no data
0.3%	Storebrand Fonder AB,	85,778	€1.1m	0%	no data
0.29%	Norron AB	82,987	€1.1m	0%	0.85%
0.21%	ODIN Forvaltning AS	60,000	€791.3k	0%	0.01%
0.2%	American Century Investment Management Inc	58,899	€776.7k	-3.43%	no data

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2025/01/05 07:02
End of Day Share Price	2025/01/03 00:00
Earnings	2024/09/30
Annual Earnings	2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

NOTE AB (publ) is covered by 3 analysts. 1 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Fredrik Agardh	Handelsbanken Capital Markets
Michael Latimore	Northland Capital Markets
Thomas Blikstad	Pareto Securities